US Congress may hold inquiry into BinanceUS

U.S. Congress should hold an inquiry into Binance.US over its connection to Merit Peak, according to statements from a senator quoted by Reuters on Feb. 17. On Feb. 16 it was reported that Binance.US sent $400 million from an account at Silvergate Bank to the trading firm Merit Peak in 2021. Binance.US additionally said that it does not and will not trade or lend out customer funds. The company distanced itself from high-profile company collapses caused by co-mingling of funds — presumably an allusion to the failure of FTX and Alameda Research. It asserted that only Binance.US employees have access to company bank accounts. It also said that external market makers like Merit Peak must compete fairly and transparently for rebates.