> According to the sources and the February 2021 bank record seen by Reuters, Binance mixed customer money and company revenues in a third Silvergate account, belonging to a Zhao-controlled Cayman firm. Binance converted money from this third account into the dollar-linked token BUSD, according to the person with knowledge of Binance’s group finances and company messages
> These accounts were not used to accept user deposits; they were used to facilitate user purchases” of crypto, said spokesperson Brad Jaffe. “There was no commingling at any time because these are 100% corporate funds.” When users sent money to the account, he said, they were not depositing funds but buying the exchange’s bespoke dollar-linked crypto-token, BUSD. This process was “exactly the same thing as buying a product from Amazon,”
The article has a lot of details and infographics - but ends with no conclusion, just guesswork. I appreciate the work and time that went into an article like this - it would be nice if it was more factual and less "blind-sourced" extrapolated hypothesis.
> These accounts were not used to accept user deposits; they were used to facilitate user purchases” of crypto, said spokesperson Brad Jaffe. “There was no commingling at any time because these are 100% corporate funds.” When users sent money to the account, he said, they were not depositing funds but buying the exchange’s bespoke dollar-linked crypto-token, BUSD. This process was “exactly the same thing as buying a product from Amazon,”
The article has a lot of details and infographics - but ends with no conclusion, just guesswork. I appreciate the work and time that went into an article like this - it would be nice if it was more factual and less "blind-sourced" extrapolated hypothesis.