Sam Bankman-Fried’s Rival Is in Trouble

Published by
The Street

By Luc Olinga Binance, the cryptocurrency exchange founded by Changpeng Zhao, reportedly had access to a bank account from its US arm. Binance, the first cryptocurrency exchange in the world, had access to a bank account belonging to its American subsidiary Binance.US. The information is from Reuters, which reports that Binance executives transferred hundreds of millions from this account to a trading platform, Merit Peak. The manager of Merit Peak was none other than Changpeng Zhao, the founder of Binance and great rival of Sam Bankman-Fried. Binance.US executives at the time were unaware of …

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