Binance case shows up complex money flows
and related entities shuttled some US$70-billion through accounts at now-defunct Silvergate Bank and Signature Bank from 2019 up until this year, including “large amounts of money” flowing in and out within days, according to new details revealed in a filing on Wednesday.
Banks generally are expected to monitor money flow for unusual transactions including large transfers “If there’s a frequent large cash movement — it could be extraterritorial or it could be domestic — that to me is a red flag,” Popeo said. “At times, the amounts being credited and debited during a single month amounts to movement of more than a billion dollars,” the filing said. “For example, in July 2021, one Signature Bank Binance Holdings account shows a starting balance of $468-million, deposits of $1-billion, withdrawals of $1.3-billion, and an ending balance of $179-million.”
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