A Binance executive was the main controller of five bank accounts belonging to the crypto exchange’s supposedly independent U.S. unit, Reuters reported on Monday, citing bank records.
Guangying Chen was authorized by the now bankrupt crypto lender Silvergate Bank to operate the accounts between 2019 and 2020, Reuters said. Binance.US had to ask Chen and her team to process payments, including the firm’s payroll, according to the report, which also cited company messages.
Binance.US has always claimed to be independent from Binance.
Christian Hertenstein, a spokesperson for Binance.US, told Reuters that since Brian Schroder became CEO of the company in late 2021, “no one other than Binance.US officials have had control or access” to its accounts.
Zhao acts as Binance.US’s chair and is its majority shareholder. The firm has been exploring ways to reduce his stake in order to enhance the exchange’s reputation among U.S regulatory authorities.
Neither Binance nor Binance.US responded to CoinDesk’s request for further comment.
