SEC Accuses Binance of Sending $20B in Commingled Funds to Paxos Foreign Affiliate
The court filing unveiled that Binance, led by CEO Changpeng Zhao, maintained multiple accounts at now-defunct Silvergate Bank and Signature Bank, which were utilized for transactions involving Zhao's companies.
Binance Under Fire
The U.S. Securities and Exchange Commission (SEC) has made a shocking allegation against cryptocurrency exchange Binance, claiming it sent approximately $20 billion in commingled funds to a foreign affiliate of stablecoin issuer Paxos in 2021 via Merit Peak trading firm. The declaration was made by Sachin Verma, an Assistant Chief Accountant of the SEC, in a court filing on June 7.
The statement revealed Binance, along with its CEO Changpeng Zhao, held multiple accounts at the now-bankrupt Silvergate Bank and Signature Bank, which were used for transactions involving Zhao's companies.
Further, according to the court filing, Binance.US, operating under the name BAM Trading, and other Binance-related accounts, transferred millions of dollars to Merit Peak Ltd. from Silvergate Bank.
The filing indicates that Merit Peak received $22 billion from various Binance-related accounts between 2019 and 2021, including $1.2 billion from Binance US. As per the allegations, during this period, Merit Peak transferred $21.6 billion to Paxos' foreign affiliate.
It is not the first time Binance has been accused of mixing users' funds with bank accounts held at Silvergate Bank. However, the exchange has consistently denied these reports but has yet to respond to the recent claims made by the SEC.
It is worth noting that the SEC has recently sued two prominent exchanges, Coinbase and Binance. The US financial watchdog accused Binance and its founder Changpeng Zhao of running a "web of deception," charging them with 13 offenses. In addition, the SEC accused Coinbase of operating as an "unregistered broker, exchange and clearing agency" on Tuesday.
As a result of the recent developments, $BNB has fallen by 7.5% in the last few hours. The cryptocurrency has dropped by more than 15% in the last two days and is currently trading at $257.65, according to CoinMarketCap.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
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Raffle Coin (RAFF) Presale, Tipped for 100X, Draws OKB (OKB) and Cronos (CRO) Investors to Its Raffle Platform
Offering transparent governance and promising a 100X return opportunity, analysts anticipate Raffle Coin's potential to become a "blue-chip" cryptocurrency.
The spotlight this time goes to Raffle Coin (RAFF) in the dynamic cryptocurrency market for being an upcoming decentralized raffle platform that looks set on a path of exponential growth. Raffle Coin (RAFF) is one of those projects where its presale has been noticed by not only individual investors but also established projects like OKB (OKB) and Cronos (CRO) amid whispers of a possible 100X opportunity.
Let's dive further to understand what makes Raffle Coin (RAFF) an interesting contender in decentralized finance (DeFi).
OKB (OKB): Navigating Low Volatility in the Crypto Market
OKB (OKB) is comparatively one of the calmer ones, showing its latest 3.47% rise to $59.64 compared with its peers. OKB (OKB) receives a Volatility Rank of 24 from InvestorsObserver, which, paired with its counterparts, leaves it in room for the bottom 24% of cryptos. This translates to less consistent, narrower price swings and Trading near resistance levels; OKB (OKB) faces potential selling pressures ahead despite its stable performance.
Cronos (CRO): Paving the Way for DeFi Adoption
Cronos (CRO) is one of the blockchain platforms emerging as a trend with the easing of the DeFi applications. Currently trading at $0.1454, with a year that has seen spectacular rises and positive momentum from the previous 7 Days, Cronos (CRO) is high on interest as a token, seeing significant adoption and volume on sites like KuCoin.
Raffle Coin (RAFF): A Decentralized Raffle Revolution
Raffle Coin (RAFF) has been the talk of excitement in the crypto space, with the presale being said to present one of the best opportunities for a 100X return. Designed to suit individual and institutional investors alike—including, but not limited to, OKB (OKB) and Cronos (CRO)—Raffle Coin (RAFF) offers leading and decentralized governance in its entirety with a completely clear reward structure.
At just $0.020 per token, there is no doubt that, in the presale stage, Raffle Coin (RAFF) will be luring investors for huge returns as it snowballs. Analysts and enthusiasts alike are waiting for Raffle Coin (RAFF) to become a "blue-chip" cryptocurrency, considering the strategic partnerships and features developed to be user-centric.
Conclusion
The high return presale of Raffle Coin (RAFF) is calling the attention of investors in the crypto space. With an innovative model, strategic partnerships and a fast-growing community, Raffle Coin (RAFF) is poised to carve its name in DeFi history. In this respect, from the unfolding of the project, it is clear that Raffle Coin (RAFF) is more than a cryptocurrency but a change engine for the decentralized platforms and the raffle world.
Find out more about the Raffle Coin (RAFF) presale by visiting the website here.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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