Binance Asset Management Raises Questions About the Exchange

A report from Forbes has raised questions about whether Binance is responsibly managing customer assets and stablecoin collateral. The report explains how in a single day in August 2022, the cryptocurrency exchanged moved $1.78 billion worth of collateral out of Binance wallets meant for backing stablecoins, and $1.2 billion was sent to trading firm Cumberland DRW, with other amounts going to hedge fund Alameda Research, Tron founder Justin Sun, and crypto infrastructure and services firm Amber Group. The new finding suspiciously resembled to FTX’s use of customer assets to fund Alameda.