24/7 Cryptocurrency News

Money Trail of Binance Shows $70 Billion Moved Through Signature and Silvergate Banks

The SEC filing on Wednesday shows that some funds moved out to foreign entities of Binance and some ended in Zhao's personal account.
Published by
Money Trail of Binance Shows $70 Billion Moved Through Signature and Silvergate Banks

As the Binance-SEC lawsuit gains more limelight, more details have come to the surface. As per the latest report from Bloomberg, crypto exchange Binance and its affiliate firms shuttled $70 billion through its accounts at the now-bankrupt Silvergate Bank and Signature Bank.

Both these banks filed for bankruptcy earlier this year amid a banking crisis that rocked Wall Street. As per the fresh filing on Wednesday, June 7, there were “large amounts of money” flowing in and out of the Binance account at these banks, within days.

The Silvergate Bank had facilitated a total of $50 billion across Binance-related parties. On the other hand, Signature Bank handled over $19 billion as per Wednesday’s filing. The filing also states that some funds moved out to foreign entities citing the review of financial records such as bank statements, canceled checks, deposits, and other wire transfers. Note that the total $70 billion flows happened from 2019, until this year before the bankruptcy.

The SEC’s case against Binance claims that it mishandled client funds, but didn’t reveal where the money came from and how it was used. Wednesday’s filing was made to support the motion to freeze assets of Binance.US, but it did not bring any new charges.

A Binance spokesperson said that the transfers mentioned in the document were unrelated to client funds and were part of regular business operations.

Binance’s Partnership With Silvergate Bank

As per the report, Binance.US and its affiliates participated in Silvergate’s SEN network and Signature’s Signet platform. This allowed the exchange to transfer funds seamlessly and instantaneously 24×7. The filing noted:

“At times the amounts being credited and debited during a single month amounts to movement of more than a billion dollars. For example, in July 2021, one Signature Bank Binance Holdings account shows a starting balance of $468 million, deposits of $1 billion, withdrawals of $1.3 billion, and an ending balance of $179 million.”

The filing further stressed how Binance chief Changpeng Zhao was the sole beneficiary of several foreign companies having accounts with Signature Bank. This includes companies domiciled in the UAE, Canada, Seychelles, Lithuania, Singapore, and Kazakhstan. The filing adds that some of the money eventually ended up in Zhao’s personal account.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • 24/7 Cryptocurrency News

Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”

The Ethereum price and BMNR stock have recorded modest gains thanks to BitMine’s recent $1…

October 2, 2025
  • 24/7 Cryptocurrency News

ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?

In a fresh development, multiple ASTER tokens have been sent to Binance spot wallets, following…

October 2, 2025
  • 24/7 Cryptocurrency News

Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle

Avalanche Treasury Co., in partnership with Mountain Lake Acquisition Corp., has unveiled a $675 million…

October 2, 2025
  • 24/7 Cryptocurrency News

Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings

Nasdaq-listed VivoPower has stepped up its digital treasury goals with a fresh capital raise aimed…

October 2, 2025
  • 24/7 Cryptocurrency News

Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy

Solana increased in price by 5% to approximately $219 following a $2 billion Solana treasury…

October 2, 2025
  • 24/7 Cryptocurrency News

XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization

The XRP Ledger (XRPL) has launched the Multi-Purpose Token (MPT) standard, designed to simplify and…

October 1, 2025