4 ms·
SBF lost customer funds by spending them as if they were his own. CZ isn't accused of spending customer funds, he's accused of letting people trade too freely.
by h4l 3y ago
SBF lost customer funds by spending them as if they were his own. CZ isn't accused of spending customer funds, he's accused of letting people trade too freely.
- grey-area 3y agoBinance is also accused of commingling funds.
- jawiggins 3y agoAFAIK, commingling means that customer funds went into the same account as business funds. SBF is accused of then using those customer funds for business expenses, while Binance _seems_ to have stopped at just not separating them properly.
- WrongAssumption 3y agoCommingling is not losing or spending. I don't know why you used a "also" with a word that wasn't in the comment you responded to.
- grey-area 3y agoIf you commingle customer funds, by definition you’re spending some of them when you use that account to pay business expenses, it’s impossible to differentiate them and makes several other types of fraud more likely.