- The CEO of Swan Bitcoin claimed that Binance.US does not hold users’ funds.
- Klippsten pointed out that the funds were probably held by Binance International.
- Many individuals in the crypto community believe Klippsten’s statements were false.
The CEO of Swan Bitcoin, Cory Klippsten claimed that Binance.US, a crypto exchange for U.S-based users, does not hold users’ funds.
Klippsten pointed out that the funds were probably held by Binance International. The CEO of Swan Bitcoin, a bitcoin-only accumulation platform, also stated that Binance International is an “illegal runaround of US regulations,” implying the largest crypto exchange is free from US regulators’ grasp.
Klippsten further shared the “Market Makers and Related Party Transaction” page of Binance.US’s terms and conditions.
As mentioned in the terms and conditions, Binance.US stated, “BAM [BAM Trading Services Inc.] appoints market makers, including Related Parties and market makers that are incorporated or otherwise operating outside of the United States, to promote liquidity and facilitate trading on the Platform and with respect to certain of BAM’s other trading products and services.”
The terms and conditions further state that BAM’s determinations concerning whether and how to onboard such market makers are made entirely at its “sole and absolute discretion.”
Moreover, Klippsten further acknowledged Reuters and Mike Burgersburg of Dirty Media Bubble for their journalistic investigation on Binance.
However, many of the investors in the crypto space do not seem to believe the statements made by the CEO of Swan Bitcoin, claiming there was a lack of evidence, inaccurate assumptions, and stated that this was meant to create FUD. However, there were very few individuals who believe that Klippstein’s statements are true.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
