Binance CEO Changpeng Zhao Merit Peak Offshore Trading Firm Received Nearly $11 Billion In Client Assets, US SEC Claims
ABP NewsAccording to a recent filing from the US Securities and Exchange Commission, Merit Peak, an offshore trading company controlled by Binance CEO Changpeng Zhao, received approximately $11 billion in client assets through a Seychelles-based firm established for customer deposits. As per a report by Reuters, the SEC's allegations include claims that Binance and Zhao utilised Merit Peak and another trading firm called Sigma Chain, both controlled by Zhao, to mix corporate funds with client assets and use the funds at their discretion. The $11 billion in funds received by Merit Peak between 2019 and 2021 originated from Key Vision Development Ltd, also controlled by Zhao, as revealed in the SEC filing. Furthermore, the SEC mentioned that between 2019 and 2023, Sigma Chain's US bank accounts received nearly $500 million, with the majority coming from Binance and BAM Trading, and $15 million from Key Vision.