Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao

Reuters reported exclusively that global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao. Over the first three months of 2021, more than $400 million flowed from the Binance.US account at a California-based bank to this firm, Merit Peak Ltd, according to records reviewed by Reuters.