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In its 13 charges, the SEC alleged that Binance and Zhao used Merit Peak and Sigma Chain, another trading firm controlled by Zhao, to commingle corporate funds with client assets and use the monies "as they please." This put customers' assets at risk while Binance sought to "maximize" its profits, the SEC wrote in its civil complaint on Monday. "All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," it said in a statement on Monday. The funds received by British Virgin Islands-based Merit Peak between 2019 and 2021 flowed from Key Vision Development Ltd, also controlled by Zhao, the SEC filing on Tuesday showed. Reuters reported last month that Key Vision and Merit Peak, along with Binance's Cayman Islands holding company, formed the core of the global crypto exchange's financial network.

Persons: Changpeng Zhao, Binance, Zhao, Guangying Chen, Chen, Tom Wilson, Jane Merriman Organizations: U.S . Securities, Exchange Commission, SEC, Sigma, British, Vision Development, Key Vision, U.S, Reuters, Vision, Binance's, Sigma Chain's, BAM, Thomson Locations: Seychelles, British Virgin Islands, Islands, Binance, United States, U.S, Singapore

LONDON, June 5 (Reuters) - A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. This allowed Chen and her deputies to move funds held in the bank accounts. The previously unreported bank records and messages show that Binance’s management over the U.S. business’s finances extended across its bank accounts at Silvergate and detail how this secret access was granted. Binance.US has denied that Binance ever operated its bank accounts. ‘PRIMARY ADMIN USER’The Binance.US trading platform was launched by its operating firm, BAM Trading, in mid-2019 under then Chief Executive Catherine Coley.

Persons: Guangying Chen, Changpeng Zhao, Chen, Binance, Zhao, Binance.US, Krishna Juvvadi, Christian Hertenstein, Brian Shroder, ” Hertenstein, “, Chen’s, Juvvadi, ”, Peak’s, Catherine Coley, Coley, Silvergate, James McDonald, Hertenstein, Susan Li, Li messaged, Li, Angus Berwick, Tom Wilson, Janet McBride, Michael Williams Organizations: Silvergate Bank, U.S, U.S . Securities, Exchange Commission, Reuters, BAM, U.S . Commodity Futures Trading Commission, CFTC, ” Reuters, SEC, “, Thomson Locations: U.S, Washington, American, US, Binance, Shanghai, Binance.US

LONDON, June 5 - A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. This allowed Chen and her deputies to move funds held in the bank accounts. The previously unreported bank records and messages show that Binance’s management over the U.S. business’s finances extended across its bank accounts at Silvergate and detail how this secret access was granted. Binance.US has denied that Binance ever operated its bank accounts. ‘PRIMARY ADMIN USER’The Binance.US trading platform was launched by its operating firm, BAM Trading, in mid-2019 under chief executive Catherine Coley.

Persons: Guangying Chen, Changpeng Zhao, Chen, Binance, Binance.US, Krishna Juvvadi, Christian Hertenstein, Brian Shroder, ” Hertenstein, Zhao, “, Chen’s, Juvvadi, Reutersalso, Peak’s, Catherine Coley, Coley, Silvergate, James McDonald, Hertenstein, ”, Susan Li, Li messaged, Li, Angus Berwick, Tom Wilson, Janet McBride, Michael Williams Organizations: Silvergate Bank, U.S, Reuters, BAM, U.S . Commodity Futures Trading Commission, CFTC, “, Thomson Locations: U.S, Washington, American, US, Binance, Shanghai, Binance.US

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