Brisbane-based crypto exchange Swyftx is heavily exposed to the world’s biggest crypto exchange Binance, whose top executives could face prosecution in the US for money laundering.
Swyftx buys the vast majority of its cryptocurrency on behalf of its 600,000 Australian customers through an API – a software tool that integrates different computer programs – that that pulls assets from Binance, which charges Swyftx for the access.Flavio Brancaleone
“We route trades across exchange partners to provide customers with the best prices and most liquid execution.”Binance Australia refused to comment on its relationship with Swyftx, nor did it respond to detailed questions regarding whether the digital assets Swyftx buys are stored with Binance. “We undertake a daily reconciliation of the balance of customer assets held in our wallets, liquidity partners, and bank accounts against the balance of assets owed to our customers via our internal ledger ,” the Swyftx spokesperson said.
that FTX founder Sam Bankman-Fried had overseen around $US8 billion worth of customer money transferred out of the exchange.and faces charges of wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering in the United States.
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