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Binance Accused of Commingling Customer Funds and Revenue, Says Reuters Report

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Binance, the world's largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S.

financial rules that mandate the segregation of customer money, according to a special report by Reuters. Citing three sources familiar with the matter, the report claims that the exchange held mixed accounts at U.S.

lender Silvergate Bank, with sums running into billions of dollars. According to Reuters' report, the money flows highlighted a lack of internal controls at Binance, obscuring the location of client assets and risking their security.

Despite the serious nature of the allegations, no evidence has been found to indicate that Binance client funds were lost or misused.

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