Binance, the world's largest cryptocurrency exchange, has denied allegations made by Reuters that it commingled customer funds with its own revenue in 2020 and 2021. Binance's chief strategy officer, Patrick Hillmann, dismissed the report on Twitter as conspiratorial and lacking substantive evidence, countering accusations sourced from a "former insider."

The allegations come amid a legal battle with the U.S. Commodity Futures Trading Commission (CFTC) that alleged that certain Binance entities commingled funds. Binance clarified that the accounts at Silvergate Bank were not used to accept user deposits but were instead used to facilitate user purchases of cryptocurrencies.