"Binance holds all of its clients' assets in segregated accounts which are identified separately from any accounts used to hold assets belonging to Binance. In a statement released late Thursday, Binance said it will set up a 1 billion recovery fund with an intention to ramp up the amount to 2 billion in the near future if the need arises. "Binance does not, and has never, invested or otherwise deployed user assets without consent under the terms of specific products," a company spokesperson told Insider in a statement. After a couple years of dabbling in angel investments, crypto advisory firm Reverie is now bringing a bigger checkbook to bear. Recalling his experience with our customer support team, our user acknowledged that the whole issue had nothing to do with Binance either, just that the funds went to Binance addresses. Log in to your Binance account and go to Buy Crypto - Credit/Debit Card. The crypto exchange says its holds around 475,000 bitcoin (US7.8. The purchased crypto will be credited to your Binance Spot Wallet and you can start trading on the exchange. These investment firms include Alameda Research, the trading arm of FTX.Įssentially, this means that more than $1 billion worth of the crypto, known as B-peg USDC, were left uncollateralized despite Binance's claims that they were 100% backed, the report reads. Binance Labs fund is the latest in a string of recently established crypto funds by venture capitalists, with Andreessen Horowitz (a16z) raising 4. Binance released a list of its cold wallets and reserves a day after backing out of a deal to buy troubled crypto exchange FTX. The largest crypto exchange in the world reportedly transferred $1.8 billion in stablecoin collateral to hedge funds which subsequently left its investors exposed, according to Forbes, which reviewed on-chain data from August 17 to early December. Binance reportedly appropriated customer assets for its own purposes in a series of moves that present similarities to events leading up to FTX's downfall, according to Forbes.
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