Binance, the world’s largest cryptocurrency exchange, denied a report published by Forbes titled “Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX,” which argues that the crypto giant transferred $1.8 billion associated with its users’ funds.

According to Forbes, between August 17 and early December 2022, Binance moved “silently” $1.8 billion deposited “as collateral intended to support its customers’ stablecoins,” leaving many of its users with unbacked funds.

This was despite the company’s claim that it had fully audited its reserves and never touched its clients’ deposits.

Binance responded to Forbes’ allegations of mishandling user funds, denying any wrongdoing. The company’s spokesperson assured the transactions in question were part of their internal billing processes and did not affect the collateralization of user assets.

(By Felix Mollen)

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