Crypto exchange Binance moved $400M from U.S. affiliate's account at Silvergate - report

Binance ( BNB-USD ) ( BUSD-USD ), the world's largest cryptocurrency exchange, had transferred over $400M from Binance.US's account at crypto-friendly bank Silvergate Capital ( NYSE: SI ) to Merit Peak, a trading firm managed by Binance CEO Changpeng Zhao, Reuters reported Thursday, citing quarterly banking records and company messages. The funds were moved between January and March 2021 from a Silvergate ( SI ) account belonging to Binance.US, the U.S. affiliate of Binance, which was registered under the name of BAM Trading. The reason for the transfers or whether any of the funds originated from Binance.US customers could not be determined, the report noted, adding the global Binance exchange does not have the authority to operate in the U.S. A Binance.US spokesperson told Reuters that the report used "outdated information" without directly addressing the transfers. Binance, Binance.US and Silvergate did not immediately respond to Seeking Alpha's request for comment. Binance coin ( BNB-USD ), the native token of Binance, saw some downward pressure earlier this week as regulators took aim at Binance-branded stablecoin BUSD ( BUSD-USD ). But all the losses have since been erased thanks to a broader crypto rally .