The 'independent' U.S. affiliate's bank accounts were under the exclusive authority of Binance.

Five bank accounts belonging to its US branch, Binance.US, were under the authority of senior Binance executives. Bank documents from 2019 and 2020 show that Binance's Guangying Chen, a close friend of CEO Changpeng Zhao, operated the accounts, one of which included money belonging to American consumers. Employees of Binance.US had to request Chen's team to handle payments, including the company's payroll. The bank records and messages demonstrate that Binance maintains strict control over the funds of its US business, despite Binance.US's claims that it has always operated independently. Silvergate, which was shut down in March, and Binance remained silent.