Reuters Says They Stand by Its Reporting On Binance Commingling Customer Funds

Binance CFTC
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Sarah Wynn
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: Adobe

Reuters says it stands by its reporting following criticism it received from a Binance executive on its story that said the world’s largest crypto exchange commingled customer funds. 

In a story published on Tuesday, Reuters reporters said that Binance commingled customer funds with company revenue in 2020 and 2021, citing sources familiar with the situation. 

Binance Chief Communications Officer Patrick Hillmann later pushed back against the story in a lengthy five paragraph tweet.

“We stand by our reporting,” a Reuters spokesperson said in an emailed statement on Tuesday. 

The story

Reuters reporters said it reviewed a bank record showing that in Feb. 10, 2021, the exchange allegedly “mixed $20 million from a corporate account with $15 million from an account that received customer money.” 

In the story, Binance denied mixing customer deposits and company funds.

A Binance spokesperson told Reuters that the accounts were not used to accept user deposits and instead were used to facilitate user purchases of crypto.

“There was no commingling at any time because these are 100% corporate funds,” Binance spokesperson Brad Jaffe said to Reuters. 

The blowback 

Hillmann called the story “weak,” in a five paragraph tweet on Tuesday.

“This story is so weak that they had to put up front, ‘Reuters found no evidence that Binance client monies were lost or taken’ in a transparent attempt to protect themselves from a libel suit,” Hillmann said. “Underneath that, they then pinned 1000 words of conspiracy theories (which we explained were false) with zero evidence other than a “former insider.”

In March, the US Commodity Futures Trading Commission sued Binance for allegedly allowing trading firms based in the US to trade crypto derivatives on Binance’s international exchange. 

In a 74-age complaint, the CFTC said some of Binance’s entities had “commingled funds.”

Zhao, also known as CZ, had called the CFTC complaint “unexpected and disappointing,” in a post

More Articles

Altcoin News
Central African Republic’s Meme Coin Experiment Raises Suspicion
Shalini Nagarajan
Shalini Nagarajan
2025-02-10 06:28:10
Price Analysis
Bitcoin Whales Are Shorting Hard—Will BTC Breakout or Drop Below $95K?
Arslan Butt
Arslan Butt
2025-02-10 06:00:08
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors