Cryptocurrency exchange Binance built its Binance.US platform to appear wholly independent of Binance.com, in an attempt to shield itself from US regulators, Wall Street Journal said in its report.

According to messages and documents from 2018 to 2020 reviewed by The Wall Street Journal, Binance and Binance.US have been much more intertwined than publicly disclosed. WSJ stated the two companies mixed staff and finances and shared an affiliated entity that bought and sold cryptocurrencies, with evidences include:

According to WSJ, Binance.US and Binance employees intermingled during a retreat at a South Korean ski resort in January 2020. Prior to the trip, Binance.US's former CEO Ms. Coley instructed her staff to consider "your shackles," which refer to job responsibilities that require answers, access, approval, or funding from Shanghai, according to a source familiar with the message.

In September 2019, a Binance staffer in Shanghai turned on trading for the U.S. platform a few minutes before it was meant to launch. “The Shanghai developers’ contracts were with Binance, not with the U.S. platform”, WSJ wrote.

The employee had trouble changing the creator of the form from Binance.com to Binance.US. "If I were an AG, I would cite this as evidence that it is in fact Binance, an ‘unregistered foreign-based [money services business],’ onboarding the US clients." Harry Zhou, an employee of a Binance-financed bitcoin trading company, wrote in Telegram chat.

The U.S. Securities and Exchange Commission and the Justice Department have been probing the relationship between Binance and Binance.US at least since 2020. 

On Feb 16th, Reuters reported Binance moved $400 million from U.S. partner to a trading firm managed by CEO Zhao. Soon after the news, Binance US stated that only Binance.US employees have access to Binance.US bank accounts.

“Binance.US has never — and will never — trade nor lend out customer funds,” the statement said.“Only Binance.US employees have access to Binance.US bank accounts. Period.”