Binance Redirected $12B to Firms Controlled by CEO Changpeng ‘CZ’ Zhao, SEC Says

“Binance’s prime precedence is defending person belongings, that are held 1:1. These accounts characterize income obtained by the enterprise for merchandise supplied and/or companies rendered,” the spokesperson stated. “Like each different firm throughout the globe, our income is used to cowl the operational prices of working our international enterprise. We’re globally regulated in 17 nations worldwide and recurrently need to optimize company account holdings.  These kinds of transactions are typical of most international company entities and are required to make sure we’re in a position to facilitate our services in a steady and compliant method.”