Even before the platform's launch, senior officials and staff at BAM Trading were well aware of the possibility of wash trading. In correspondence sent to BAM’s CEO — presumably Catherine Coley, though she is not identified by name — and senior Binance executives, a co-founder of Binance and the head of the trade matching engine teamconcern about the matching engine's ability to let customers trade with themselves. However, they questioned whether it was necessary to comply with U.S.
It is also noteworthy that a sizable percentage of this wash trading activity took place through accounts connected to Sigma Chain, which served as a market maker on Binance.US. Sigma Chain's numerous accounts and active trading on the Binance.US platform were both fully known to BAM Trading and BAM Management.Wash trading between Sigma Chain's accounts continued after the platform's introduction in 2019 until at least June 2022.
Additionally, the SEC charged that Merit Peak's U.S. bank account has additionally been used as a “pass-through” account since the launch of the Binance.US platform, receiving roughly $20 billion — including customer funds — from both Binance platforms. Merit Peak then allegedly transferred the majority of this money to Trust Company A, possibly for the purpose of buying BUSD.
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