Breaking: Binance Exec Refuses Mixing Users Funds; Debunks Report

Ashish Kumar
May 23, 2023 Updated May 16, 2025
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Will This Move By Binance Create Ripple Effect For BTC, ETH, SOL, XRP Rally?

Binance News: Binance, the world’s largest crypto exchange reportedly mixed its user funds with the company revenue during the time period of 2020-2021. The controversial report comes in when the crypto exchange is already facing regulatory trouble in the U.S. However, Binance’s top executive has issued an advisory over the big allegations raised by the popular news agency.

Also Read: These Cryptocurrencies May Pump Over Hong Kong SFC New Update

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Binance Dodging US Financial Rules?

Patrick Hillmann, Binance’s Chief Communications Officer commenting on the allegations hinted that it is a desperate move to publish a negative story against them. He claimed that the basis of all the assertions is users purchasing BUSD (Paxos) from the crypto exchange were transacted to a page that mentioned a deposit.

Binance Executive highlighted that the traders on the exchange were purchasing the stablecoin that was redeemable by Paxos, while it was clearly mentioned on the alleged page.

Earlier, Paxos received the Wells Notice from the U.S. Securities and Exchange Commission (SEC). The Watchdog alleged that Binance USD (BUSD) was unregistered security. However, the New York Department of Financial Services (NYDFS) asked the stablecoin issuer to halt the service. Read More Crypto News Here…

Hillmann called all the assertions made in the report weak and claimed that the news agency have no evidence to support it. He alleged the report is just a conspiracy theory. Binance has been very much open regarding the regulatory issues raised in the past, he added.

According to the report published by Reuters, a source from Binance’s finance section alleged that billions of dollars used to come in, and the mixing of funds used to take place on a daily basis. It added that a bank record from the February 10, 2021 depicts that the crypto exchage mixed around $20 million from corporate account with $15 million of a user money.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.