{"id":19973,"date":"2023-06-08T10:37:21","date_gmt":"2023-06-08T14:37:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/large-amounts-of-money-flowed-in-binance-related-accounts-sec-accountant-says\/"},"modified":"2023-06-08T10:37:22","modified_gmt":"2023-06-08T14:37:22","slug":"large-amounts-of-money-flowed-in-binance-related-accounts-sec-accountant-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19973","title":{"rendered":"\u2018Large Amounts of Money\u2019 Flowed in Binance Related Accounts: SEC Accountant Says"},"content":{"rendered":"<div>\n<p>An accountant for the US Securities and Exchange Commission says crypto exchange Binance, CEO Changpeng Zhao and related entities moved \u201clarge amounts of money\u201d from 2019 up to this year.<\/p>\n<p>Binance and its entities held numerous accounts with the now failed Silvergate Bank and Signature Bank during that time, according to a court filing released on <u>Wednesday<\/u>.\u00a0<\/p>\n<p>\u201cThe transactions in many of the Binance or Zhao-owned company accounts held at Silvergate Bank and Signature Bank show large amounts of money flowing in and out of the accounts,\u201d the accountant said. \u201cThe large incoming credits are followed by outgoing debits within days, with the result that the accounts maintain a relatively much lower balance at month\u2019s beginning and end.\u201d<\/p>\n<p>For example, one account with Silvergate had a beginning balance of $7.6 million and an ending balance of $7.7 million, but in February 2022, $20 million was deposited, and $17 million total was wired to other Binance entities, the accountant said.\u00a0<\/p>\n<p>It is unclear why the money was moved, but financial institutions in the US are required to file suspicious activity reports.\u00a0<\/p>\n<p>Binance did not immediately respond to a request for comment.\u00a0<\/p>\n<h2>Binance\u2019s showdown with the SEC<\/h2>\n<p>This comes just days after the SEC sued Binance and Zhao over their \u201cblatant disregard of the federal securities laws.\u201d<\/p>\n<p>Binance and BAM Trading, doing business as Binance.US, under Zhao\u2019s leadership, were unlawfully operating as an exchange, broker-dealer and a clearing agency without registering, the regulator alleged.<\/p>\n<p>The SEC also said Solana, Cardano, Polygon among others were labeled as securities in the complaint.<\/p>\n<p>The agency also filed an emergency <u>motion<\/u> on Tuesday night to freeze the assets of Binance.US.<\/p>\n<p>\u201cBecause Defendants have repeatedly failed to provide sufficient assurances, the SEC now seeks the Court\u2019s assistance in ensuring the safety and availability of investor assets and that Defendants do not dissipate assets that may become due should the SEC prevail in this action,\u201d the SEC said in the motion.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/large-amounts-of-money-flowed-binance-related-accounts-sec-accountant-says.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An accountant for the US Securities and Exchange Commission says crypto exchange Binance, CEO Changpeng Zhao and related entities moved \u201clarge amounts of money\u201d from 2019 up to this year. Binance and its entities held numerous accounts with the now failed Silvergate Bank and Signature Bank during that time, according to a court filing released [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-19973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Large Amounts of Money\u2019 Flowed in Binance Related Accounts: SEC Accountant Says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"An accountant for the US Securities and Exchange Commission says crypto exchange Binance, CEO Changpeng Zhao and related entities moved \u201clarge amounts of\" \/>\n<meta name=\"robots\" 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