Crypto giant Binance could be in hot water with US regulators after a Reuters investigation showed it commingled customer and company money. One source said the sums involved ran into billions of dollars and commingling happened almost daily
An intricate web
Then Silvergate came to the rescue. In recent years, the small San Diego-based bank had shifted its focus from local real-estate lending to servicing crypto companies. It quickly became a leading provider of banking services to the crypto sector. Binance’s then-chief compliance officer, Samuel Lim, was concerned by the exchange’s dependence on Silvergate due to requirements that U.S. banks closely monitor clients’ transactions, company messages show. Lim told executives in a 2020 message seen by Reuters that “the long term fix is to reduce reliance on US bank.” The CFTC complaint in March charged Lim with aiding and abetting Binance in violating U.S. laws “through intentional conduct that undermined Binance’s compliance program.
The value of BUSD tokens in circulation peaked at over $23 billion last November, with Binance-controlled crypto wallets holding as much as 90% of the total, according to crypto data firm Nansen. But in February, New York regulators ordered Paxos to stop issuing BUSD,The Paxos spokesperson said the company “voluntarily announced its intention to end its relationship with Binance and has been successfully winding down all business relationships with Binance since.
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