Regulators now directly targeting Binance and their U.S. partners and affiliates Cryptocurrencies
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The customer deposits of Binance.US were also held at Silvergate and with Prime Trust LLC, a custodian firm based in Nevada. Bank records show Prime Trust moved $650 million in wire transfers to the Binance.US account during Q1 2021, and it was unclear why the transfers were made or whether the money belonged to Binance.US customers.
The Binance global exchange and Prime Trust did not respond to questions about the transfers, and a spokesperson for Silvergate Bank said it is their policy not to comment on individual customers. Neither Li, who remains at Binance, nor Coley, who left Binance.US later in 2021, responded to questions from Reuters. However, Li did appear to have control over the Binance.US account at Silvergate, as a message to Li from a Binance.US finance manager asked her to give another Binance.US employee authority to approve payments from the account.
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