Bank records indicate that Guangying Chen, a senior executive at Binance, was the main operator of five bank accounts belonging to Binance's independent US affiliate, including one that held American customers' funds.

Chen was authorized by US lender Silvergate Bank to operate the accounts in 2019 and 2020, suggesting that Binance had tight control over Binance.US despite both companies claiming to operate independently.

A former Binance.US employee authorized a colleague, Heina Chen, to act as the "Primary Admin User" for the bank accounts, leaving Binance.US's chief without ultimate control over the company's finances. Binance.US has stated that customer funds have not been misused or co-mingled.