Crypto exchange Binance had access to Binance US's bank account at Silvergate in early 2021, and moved $400 million to a trading firm being probed for its ties to the global crypto exchange, Reuters reported Thursday.
According to the report, Binance moved the funds between January and March 2021 from BAM Trading's Silvergate Account. BAM Trading is the name of the entity operating Binance US. Merit Peak is a trading firm that the U.S. Securities and Exchange Commission A Binance spokesperson did not immediately return a request for comment. A spokesperson told Reuters that the news organization had"outdated information" but did not appear to address the transfers.
Former Binance US CEO Catherine Coley reportedly asked about the funds and their transfers at the end of 2020. Coley departed Binance US in April 2021, and has not held a public role at a crypto company since. Silvergate's stock is down 17% on the day. Bitcoin's price remained around the $25,000 mark, up on the day's trading.
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