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SEC Accountant Alleges Binance and CEO Moved “Large Amounts of Money” From 2019 To Present

According to a court filing released on Wednesday, an accountant for the US Securities and Exchange Commission claims that Binance, CEO Changpeng Zhao, and related entities moved "large amounts of money" from 2019 up to this year. Binance and its entities held numerous accounts with the now-failed Silvergate Bank and Signature Bank during that time, with large amounts of money flowing in and out of the accounts.

The reason for the movement of money is unclear, but financial institutions in the US are required to file suspicious activity reports. This news comes just days after the SEC sued Binance and Zhao over their "blatant disregard of the federal securities laws."

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