Binance CCO: Reuters' conspiracy theory about its "mixed user funds" has no evidence.
BlockBeats news on May 23rd reported that Patrick Hillman, the Chief Communications Officer of cryptocurrency exchange platform Binance, stated on social media that the basis of the Binance story published by Reuters was that when users purchase BUSD (Paxos) from Binance, they are directed to a trading page with the word "deposit". It is clearly stated on the page that users are purchasing stablecoins that can be exchanged by Paxos. Reuters stated in the article that they did not find any evidence of Binance customers' funds being lost or misappropriated, transparently attempting to protect themselves from defamation lawsuits. Subsequently, Reuters published a 1000-word conspiracy theory (which we explain is incorrect) with no evidence except for "former insiders".
Reuters today cited three insiders to report that in 2020 and 2021, Binance mixed customer funds with company revenue, violating US financial rules requiring customer funds to be separated.