SEC assistant chief accountant: Binance transferred nearly $20 billion in mixed funds to a foreign subsidiary of Paxos in 2021

Sachin Verma, assistant chief accountant of the U.S. Securities and Exchange Commission (SEC), issued a statement saying that Binance transferred nearly $20 billion in mixed funds to a foreign subsidiary of Paxos in 2021. Binance.US, in the name of BAM Trading and several other Binance-related accounts, sent millions of dollars in mixed funds from accounts at Silvergate Bank to a trading firm called Merit Peak Ltd. For example, in 2021, funds from Key Vision ($11.05 billion), Prime Trust ($1.1 billion) (via BAM Trading) and Bifinity UAB ($6.3 billion) (via Binance Holdings Limited) were transferred to Merit Peak, Merit Peak's entire transfer of the money comes as it transfers nearly $20 billion in 2021 to a foreign subsidiary of Paxos.