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U.S. Congress May Hold Inquiry Into Binance.US

U.S. Congress should hold an inquiry into Binance.US over its connection to Merit Peak, according to statements from a senator quoted by Reuters on Feb. 17.

Senator Roger Marshall told the publication:

“Something fishy is going on here that clearly doesn’t pass the smell test…Congress needs answers, and Binance.US and Silvergate are obligated to give them to us.”

On Feb. 16 it was reported that Binance.US sent $400 million from an account at Silvergate Bank to the trading firm Merit Peak in 2021. Merit Peak listed Binance CEO Changpeng Zhao as a manager — and combined with the fact that Binance and Binance.US are supposed to operate separately, that relationship represents a likely conflict of interest.

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