Advert U.S. Congress ought to maintain an inquiry into Binance.US over its connection to Advantage Peak, in accordance with statements from a senator quoted by Reuters on Feb. 17.Senator Roger Marshall instructed the publication:“One thing fishy is occurring right here that clearly doesn’t go the scent check…Congress wants solutions, and Binance.US and Silvergate are obligated to present them to us.”On Feb. 16 it was reported that Binance.US despatched $400 million from an account at Silvergate Financial institution to the buying and selling agency Advantage Peak in 2021. Advantage Peak listed Binance CEO Changpeng Zhao as a supervisor — and mixed with the truth that Binance and Binance.US are alleged to function individually, that relationship represents a possible battle of curiosity.Since that report, Binance.US has publicly acknowledged on Twitter that Advantage Peak operated on its platform however “stopped all exercise on [Binance.US] in 2021.”Although Binance.US made the same assertion privately to Reuters yesterday, it additionally expanded on that assertion in right this moment’s public tweet. It asserted that solely Binance.US staff have entry to firm financial institution accounts. It additionally stated that exterior market makers like Advantage Peak should compete pretty and transparently for rebates.Binance.US moreover stated that it doesn’t and won’t commerce or lend out buyer funds. The corporate distanced itself from high-profile firm collapses brought on by co-mingling of funds — presumably an allusion to the failure of FTX and Alameda Analysis.Binance’s international arm has handled quite a few regulatory intrusions and actually expects to pay fines to U.S. regulators, in accordance with a Feb. 15 report from the Wall Road Journal. Nonetheless, Binance.US has hardly ever been the goal of such scrutiny aside from an earlier and ongoing SEC investigation into the matter of Advantage Peak.Binance.US might quickly face broader scrutiny if right this moment’s suggestion from Senator Marshall is taken up in Congress and turns into greater than a personal assertion.Marshall was beforehand concerned in a congressional inquiry into the connection between FTX and Silvergate in addition to an anti-money laundering crypto invoice.