The US partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance Chief Executive Officer (CEO) Changpeng Zhao operated as a market maker on its platform.
LONDON — The US partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance Chief Executive Officer Changpeng Zhao operated as a market maker on its platform.
The global Binance exchange is not licensed to operate in the United States but the transfers to Merit Peak revealed by Reuters suggest that Binance controlled the finances of Binance.US, despite saying publicly that the American entity is “fully independent” and operates as its “US partner.” Binance.US’s executives were concerned by the outflows from the Silvergate account to Merit Peak because the transfers were taking place without their knowledge, according to the company messages reviewed by Reuters.
In particular, the activities of crypto platforms’ market makers – firms that typically buy and sell assets at exchanges to deepen trading volumes — have drawn regulatory and political focus since the collapse of major exchange FTX in November. “Something fishy is going on here that clearly doesn’t pass the smell test,” US Senator Roger Marshall told Reuters. “Congress needs answers, and Binance.US and Silvergate are obligated to give them to us.”Mr. Zhao has not directly addressed the report, but on Friday he tweeted, “Remember 4.,” tagging a previous post in which he listed his “Do’s and Don’ts” for 2023.
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