Binance US Urges Not To Compare It With Invalid And Defunct Crypto Firms

Binance US Raises Objections against Its Comparison with Invalid Crypto Exchanges

Binance Global is presently the world’s leading platform for buying, selling, and exchanging digital currencies and assets. The platform has been serving the global crypto community in several countries and enjoys worldwide popularity.

The Firm’s services are also available to crypto consumers in the US, however, such services are offered by its subsidiary called ‘Binance US’.

In the past, there had been a company in the US that went by the name ‘Binance.US’. This company was an entirely separate and distinct entity from the firms of Binance Global as well as Binance US.

However, Binance.US has often assumed it was Binance US or an entity belonging to Binance Global. The exchange has been misleading the investors into thinking that they are interacting with the original Binance US exchange.

Instead, they have gone for the platform that is not connected with Binance Global at all.

There had been various reports in the past as well as in the present which compare Binance.US with Binance US.

Clarification by Binance US

For clarifying its position, Binance US has issued an official statement in which the firm has categorically denied its relation with Binance.US.

Binance US said in a Twitter statement that Binance US has been frequently compared with defunct and invalid crypto exchanges. Although they have no relation with such platforms whatsoever, still, they are compared with them.

This has become extremely complicated for their exchange and they are finding it extremely difficult to clear their position.

It further said ‘by no stretch of imagination Binance US can be compared with any other entity, let alone Binance Global’. Binance clarified that the firm and its affairs are totally managed by separate management.

It denied that Binance US has anything to do with ‘Binance.US’ or any other platform, whether legal or fraudulent.

At the end of the statement, Binance US invited public attention for supplying evidence proving that Binance US and Binance.US are co-related.

Clarification Explained In Detail

Binance US also clarified that the firm’s management consists of former officials of top US regulators, investigating agencies, and judicial authorities.

For instance, it explained that its management is made up of employees who had in past worked with SEC, DOJ and FBI, etc.

It further clarified that the affairs of the firm are being therefore managed by the ex-officials of such public departments, organizations, and agencies.

Objectionable News Item Published By Reuters

A news item was recently covered by Reuters against which Binance US, as well as Binance Global, had raised certain objections.

Reuters’s news item claimed that Binance US is in a secret relationship with a US-based company called ‘Merit Peak Ltd.’

The news item raised an allegation that through Merit Peak (alleged to be operated by Binance’s CEO), Binance US is accessing a secret bank account.

It was further claimed in the publication that Binance US transferred $400 Million into the account belonging to Merit Peak in 2021.

In response to the allegations, Binance US replied that Merit Peak was indeed a company that was associated with Binance.US. However, the said company was in no manner whatsoever associated with Binance US ever.

Binance Accounts Are Strictly Monitored

The firm further denied transacting funds amounting to $400 Million ever to Merit Peak. The exchange is adamant that it was not involved in processing the transactions and sending them over to the particular entity.

Binance also clarified that only the employees of Binance US are authorized to access bank accounts belonging to Binance US.

However, not even the employees are allowed to use the funds because they are strictly monitored, claimed Binance US.

In the end, Binance US stated that it would never allow anyone to mishandle consumer funds in any manner whatsoever. Its accounts are duly audited and approved by concerned authorities, said Binance US.

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