{"id":12884,"date":"2023-05-23T22:41:11","date_gmt":"2023-05-24T02:41:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/reuters-says-they-stand-by-its-reporting-on-binance-commingling-customer-funds\/"},"modified":"2023-05-23T22:41:12","modified_gmt":"2023-05-24T02:41:12","slug":"reuters-says-they-stand-by-its-reporting-on-binance-commingling-customer-funds","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12884","title":{"rendered":"Reuters Says They Stand by Its Reporting On Binance Commingling Customer Funds"},"content":{"rendered":"
\n

Reuters says it stands by its reporting following criticism it received from a Binance executive on its story that said the world\u2019s largest crypto exchange commingled customer funds.\u00a0<\/p>\n

In a story<\/u> published on Tuesday, Reuters reporters said that Binance commingled customer funds with company revenue in 2020 and 2021, citing sources familiar with the situation.\u00a0<\/p>\n

Binance Chief Communications Officer Patrick Hillmann later pushed back against the story in a lengthy five paragraph tweet.<\/p>\n

\u201cWe stand by our reporting,\u201d a Reuters spokesperson said in an emailed statement on Tuesday.\u00a0<\/p>\n

The story<\/h2>\n

Reuters reporters said it reviewed a bank record showing that in Feb. 10, 2021, the exchange allegedly \u201cmixed $20 million from a corporate account with $15 million from an account that received customer money.\u201d\u00a0<\/p>\n

In the story, Binance denied mixing customer deposits and company funds.<\/p>\n

A Binance spokesperson told Reuters that the accounts were not used to accept user deposits and instead were used to facilitate user purchases of crypto.<\/p>\n

\u201cThere was no commingling at any time because these are 100% corporate funds,\u201d Binance spokesperson Brad Jaffe said to Reuters.\u00a0<\/p>\n

The blowback\u00a0<\/h2>\n

Hillmann called the story \u201cweak,\u201d in a five paragraph tweet on Tuesday.<\/p>\n

\u201cThis story is so weak that they had to put up front, \u2018Reuters found no evidence that Binance client monies were lost or taken\u2019 in a transparent attempt to protect themselves from a libel suit,\u201d Hillmann said. \u201cUnderneath that, they then pinned 1000 words of conspiracy theories (which we explained were false) with zero evidence other than a \u201cformer insider.\u201d<\/p>\n

In March, the US Commodity Futures Trading Commission sued Binance for allegedly allowing trading firms based in the US to trade crypto derivatives on Binance\u2019s international exchange.\u00a0<\/p>\n

In a 74-age complaint<\/u>, the CFTC said some of Binance\u2019s entities had \u201ccommingled funds.\u201d<\/p>\n

Zhao, also known as CZ, had called the CFTC complaint \u201cunexpected and disappointing,\u201d in a post<\/u>.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reuters says it stands by its reporting following criticism it received from a Binance executive on its story that said the world\u2019s largest crypto exchange commingled customer funds.\u00a0 In a story published on Tuesday, Reuters reporters said that Binance commingled customer funds with company revenue in 2020 and 2021, citing sources familiar with the situation.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":12885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-12884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nReuters Says They Stand by Its Reporting On Binance Commingling Customer Funds | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Reuters says it stands by its reporting following criticism it received from a Binance executive on its 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