Binance.US, the U.S. affiliate of the world’s largest crypto exchange, acknowledged that a market making firm called Merit Peak, which is alleged to have secretly received $400 million from the exchange, operated on its platform. 

“While there was a market making firm named Merit Peak that operated on the Binance.US platform, it stopped all activity on the platform in 2021,” the company tweeted in response to a bombshell Reuters report earlier in the day that said the funds were withdrawn from the bank account of the exchange's U.S. affiliate during the first three months of 2021. 

“Binance.US has never — and will never — trade nor lend out customer funds,” the statement adds.“Only Binance.US employees have access to Binance.US bank accounts. Period.”