{"id":12274,"date":"2023-06-09T08:25:03","date_gmt":"2023-06-09T08:25:03","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12274"},"modified":"2023-06-09T08:25:05","modified_gmt":"2023-06-09T08:25:05","slug":"cz-denies-holding-firms-received-12b-of-binance-us-user-funds","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12274","title":{"rendered":"CZ denies holding firms received $12B of Binance.US user funds"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Binance CEO Changpeng Zhao on June 8 countered SEC claims and denied that one of his holding firms received $12 billion in U.S. customer funds.<\/p>\n<p>Regarding the supposed $12 billion transfer, Zhao said:<\/p>\n<p>&#8220;This is simply false &#8230; To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds.&#8221;<\/p>\n<p>Zhao said that the value of Binance.US&#8217;s user deposits could only have fluctuated slightly due to crypto prices and user withdrawals. He asserted that &#8220;all user funds are accounted for, and never left the Binance.US platform&#8221; unless users made withdrawals.<\/p>\n<p>Zhao issued his statement in response to a Coindesk article, which in turn cited a court filing as its source. He said he is &#8220;not sure if it&#8217;s the journalist or the source&#8221; that ultimately provided the supposedly incorrect information.<\/p>\n<p>Coindesk also obtained a statement from a Binance representative who said that the funds referenced in the case are &#8220;strictly corporate funds and not user assets.&#8221;<\/p>\n<p>However, this appears to be a misunderstanding, not an admission to fund transfers. The spokesperson described &#8220;accounts&#8221; in the relevant SEC court filing. This seemingly refers to Binance Holdings accounts that incidentally held $12 billion from 2020 to 2022.<\/p>\n<h2>Court filings support $12B estimate<\/h2>\n<p>Other parts of the SEC filing nevertheless appear to back the allegation. One section says that Merit Peak \u2014 one of Zhao&#8217;s holding companies \u2014 received $11 billion of Binance.com user funds via Key Vision Development Limited from 2019 to 2021.<\/p>\n<p>The $12 billion estimate appears to come from the fact that Merit Peak received an additional $1.2 billion from BAM Trading, another Binance.US-related company.<\/p>\n<p>Regardless, the SEC says that Merit Peak comingled the roughly $12 billion of funds with funds from other sources, which in total amounted to $22 billion.<\/p>\n<p>The SEC said:<\/p>\n<p>&#8220;The SEC been unable to determine why a Zhao-controlled entity that was purportedly trading on the Binance [sic] using Zhao\u2019s personal funds would have acted as a \u201cpass through\u201d account for billions of dollars of Binance Platforms customers.&#8221;<\/p>\n<p>The SEC&#8217;s court filing cites a separate document from its own accountant, which provides the same numbers but does not identify the source of those funds as Binance.US customer funds.<\/p>\n<p>The post CZ denies holding firms received $12B of Binance.US user funds appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cz-denies-holding-firms-received-12b-of-binance-us-user-funds\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao on June 8 countered SEC claims and denied that one of his holding firms received $12 billion in U.S. customer funds. Regarding the supposed $12 billion transfer, Zhao said: &#8220;This is simply false &#8230; To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds.&#8221; Zhao [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12274"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12274\/revisions"}],"predecessor-version":[{"id":12276,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12274\/revisions\/12276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12275"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}