New US Scandal for Binance ?
Jun, 2023

New US Scandal for Binance ?

A senior executive from Binance was the main operator for 5 different bank accounts in US banks, giving a fake “independency” between them. Indeed, one of those accounts was used to retain the funds of US customers.


Guangyin Chen was the person that managed all the funds at Silvergate Bank in the years 2019 and 2020 while, through the banking moves it seems that parent Binance had more control over the “subsidiary” than the expected from the authorities.


Binance denied this fact and insists that Binance US was holding all the processes to remain independent functionally and operationally from the parent company.


There is a complex scenario regarding Binance’s operation in the USA, which includes BAM Trading, which acted as the US partner for it.


We wait for Binance’s reaction…..