Binance, the world’s largest cryptocurrency exchange platform, allegedly commingled user deposits and firm revenue in violation of financial laws, according to a special report from Reuters.
The allegations from three former insiders come months after FTX and several other cryptocurrency firms controlled by Sam Bankman-Fried filed for bankruptcy as customers and investors learned that FTX had commingled funds with sister trading company Alameda Research.
Binance, a rival of FTX that had feuded with the company in the weeks before the implosion, allegedly commingled funds on a nearly daily basis in 2020 and 2021, according to three unnamed sources familiar with the matter.