Binance moved billions through two US banks: Regulators

Binance, the giant cryptocurrency exchange accused of mishandling customer funds, used two American banks to move billions of dollars around the world, the Securities and Exchange Commission said Wednesday, detailing how huge sums of cash flowed in and out of the accounts sometimes within a span of days.

In court filings, the SEC accountant, Sachin Verma, detailed a tangle of transactions that companies associated with the giant cryptocurrency exchange had made through two banks: Silvergate Bank and Signature Bank, both of which failed this year. The filing showed that Binance officials, including the company’s founder and CEO Changpeng Zhao,