Did Binance move $400 million from Silvergate Bank to merit peak?

Crypto exchange Binance moved around $400 million in funds from Binance US's Silvergate Bank account to a trading firm called Merit Peak, 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.

Is merit peak a Binance company?

BAM Trading is the name of the entity operating Binance US. Merit Peak is a trading firm the U.S. Securities and Exchange Commission (SEC) is investigating over its ties to Binance. Former Binance US CEO Catherine Coley reportedly asked about the funds and their transfers at the end of 2020.

Does Binance control Silvergate?

A 2021 Binance.US document that described the American exchange's technology architecture identified Silvergate as a payment channel controlled at the time by Binance.com. The Binance.US account records reviewed by Reuters detail each transaction between January and the end of March 2021. Reuters has not reviewed account records for other periods.

Did Binance have secret access to a bank account?

Feb 16 (Reuters) - Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show.