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The report said Binance was considering ending relationships with U.S. business partners, citing a person familiar with the matter, after its relationships with a key banking partner and stablecoin issuer ran into trouble amid intense scrutiny from authorities.
Binance is not licensed to operate in the U.S., but conducts its business in the country through Binance.US, which it has repeatedly insisted is an independent entity.
But Reuters reported on Thursday that Binance had secret access to a bank account belonging to its U.S. partner and transferred $400 million from the account to Merit Peak Ltd, a trading firm managed by Binance Chief Executive Changpeng Zhao.
The company is also reassessing venture capital investments in the United States, the report said.
The crypto sector has also had a rough year after multiple major industry players blew up, including FTX, formerly one of Binance’s biggest rivals that sought bankruptcy protection in November.
