As per a Forbes report, the corporation allegedly moved $1.8 billion in assets belonging to its customers. Moving money across wallets is common and poses no problems, according to Binance’s CSO. The biggest cryptocurrency exchange in the world, Binance, has refuted a Forbes article alleging that the company shifted $1.8 billion related to its users’ […]
According to Forbes, Binance provided hundreds of millions of dollars in funding to other significant players in the cryptocurrency ecosystem. This included Justin Sun’s“According to blockchain data examined by Forbes, from August 17 to early December–about the same time FTX was imploding–holders of more than $1 billion of crypto known as B-peg USDC tokens were left with no collateral for instruments that Binance claimed would be 100% backed by whichever token they were pegged to.
Forbes claimed that Binance imitated FTX’s pre-bankruptcy moves by similarly manipulating its clients’ money. According to US authorities, FTX allegedly paid money to Alameda Research despite it being against the law.In response to Forbes’ charges of improper handling of user funds, Binance said there had been no misconduct. The company’s spokesman confirmed that the in-question transactions were a part of their internal billing procedures.
“While Binance has previously acknowledged that wallet management processes for Binance-pegged token collateral have not always been flawless, at no time was the collateralization of user assets affected. Processes for managing our collateral wallets have been fixed on a longer-term basis and this is verifiable on-chain.”
The actions taken by Binance to mitigate the effects of the negative press are not insignificant. The exchange has been involved in several circumstances that have damaged its reputation. Notably, the CEO of FTX accused the CEO of Binance of planning the demise of his exchange, and there was controversy when Binance failed to collateralize its BUSD stablecoin by up to $1 billion.
After years in which reserves were combined with customer funds and at least one significant stablecoin, Binance-peg BUSD was not always completely supported. Binance recently announced it was switching to a semi-automated procedure for managing the reserves of its tokens.Subscribe to get it daily in your inbox.
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