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Binance.US Records $181 Million Loss in 2021 Despite Receiving $132 Million from Parent Company, SEC Filing Reveals

Binance.US, the US branch of Binance, suffered a loss of up to $181 million in 2021, despite receiving $132 million from its parent company BAM Management, due to challenging market conditions in the crypto industry.

The SEC filings also revealed a flow of funds between Binance.US and various other entities controlled by Binance CEO Changpeng Zhao, including a transfer of $21.6 billion to Paxos Trust Company, the issuer of Binance's stablecoin, Binance USD. The SEC's lawsuit against Binance is part of a broader crackdown on crypto in the US, with rival exchange Coinbase also being targeted by the regulator.

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