Binance Director of Communications Patrick Hillmann addressed Twitter to vehemently deny allegations of Binance mixing client and company funds as reported by Reuters. Hillmann called the story weak and full of conspiracy theories.
In his tweet thread, Hillmann highlighted that the Reuters article revolved around the term “deposit” used on the transaction page when users purchased Binance’s stablecoin, BUSD, issued in partnership with Paxos.
Hillmann clarified that users were simply buying a stablecoin, and it was explicitly stated that Paxos could redeem the stablecoin. He argued that the use of the term “deposit” did not amount to misuse or mismanagement of the funds. Hillmann criticized Reuters for publishing the story despite finding no evidence that Binance client funds were lost or taken. He accused the news outlet of raising a defense against a potential libel suit by mentioning a lack of evidence up front and then spinning a narrative around the unverified claims of an “old whistleblower.”
Addressing ongoing regulatory concerns surrounding Binance, Hillmann asserted that the company has been transparent about its past shortcomings. He questioned the need for a respected media outlet like Reuters to “continue to make stuff up.”
Hillmann further criticized Binance CEO Changpeng Zhao’s constant mention of ethnicity, without noting that he has been a Canadian citizen since the age of 12, indicating an undercurrent of xenophobia.