Binance Most Probably Commingled Funds (Patreon)

Just warning the community.... DO NOT HOLD LARGE BAGS on any exchange

• Reuters reported that Binance commingled billions of dollars almost daily in accounts it held at Silvergate Bank, the now-collapsed U.S. lender.
• In one instance, Binance was alleged to have mixed $20 million from a corporate account with $15 million from an account that received customer money.
• Binance spokesperson Brad Jaffe denied the allegations, saying that the Silvergate Bank accounts were not used to accept user deposits and rather used to facilitate user purchases of crypto.
• In March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance for allegedly operating an “illegal” exchange and a “sham” compliance program. The CFTC's complaint also alleged that certain Binance entities “have commingled funds.”
• Binance declined to comment on the Reuters report, but a spokesperson referred The Block to Hillmann's tweets, which said that Binance keeps "user and corporate funds on completely separate ledgers."

Thanks Sanjay for sharing