Exclusive-Crypto giant Binance controlled ‘independent’ U.S. affiliate’s bank accounts

Senior Binance management controlled five bank accounts belonging to its US affiliate, Binance.US. According to bank records from 2019 and 2020, Binance’s Guangying Chen, a close associate of CEO Changpeng Zhao, was the operator for the accounts, including one holding American customers’ funds. Binance.US employees had to ask Chen’s team to process payments, including the firm’s payroll. Despite Binance.US maintaining that it has always operated independently, the bank records and messages show that Binance maintained tight control over its US business’s finances. Binance and Silvergate, which was wound down in March, did not comment.