According to three sources familiar with the matter, Binance, the world's largest crypto exchange, mixed billions of dollars in user funds with its revenue in 2020 and 2021, violating U.S. financial rules. The commingling of funds occurred almost daily in accounts held at Silvergate Bank. Binance failed to differentiate customer funds from company revenues, and there is a lack of internal controls. A former chief of the Securities and Exchange Commission's Office of Internet Enforcement commented that Binance customers shouldn't need a forensic accountant to locate their money.