Binance admits it commingled customer funds with token reserves
Binance failed to separate reserves for its pegged “B Tokens” and instead commingled them with client funds.
Cryptocurrency news by Protos · Protos
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Show Notes
Crypto exchange Binance has acknowledged that it failed to keep backing for dozens of tokens issued on Binance Smart Chain separate, and instead commingled it with customer funds.
On Binance Smart Chain, 94 tokens issued by the exchange are pegged to other cryptocurrency assets. The backing for dozens of these “B-tokens” was stored commingled in an exchange cold wallet, rather than kept separate.
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