Binance has strongly denied allegations of fund mismanagement, categorizing them as nothing more than a ‘conspiracy theory.’ The denial was issued in response to a Reuters report that accused Binance of commingling customer funds with company revenue, thereby violating US banking regulations. According to the report, this mixing of funds allegedly took place on a daily basis and predominantly involved accounts held at Silvergate Bank.
However, Binance vehemently refutes these allegations, asserting that user and corporate funds are strictly segregated on separate ledgers. Patrick Hillmann, Binance’s Chief of Communication, took to Twitter to criticize the Reuters report, dismissing it as a compilation of unfounded conspiracy theories. It’s worth noting that Binance has previously encountered legal hurdles, including a lawsuit filed by the Commodity Futures Trading Commission. Despite these challenges, Binance maintains its position of denying any wrongdoing and intends to defend its reputation against what it considers baseless claims.
