The funds were sent to firms controlled by Zhao via an intermediary holding company known as Key Vision Development Limited, the SEC said.
The evidence for these allegations comes via testimony delivered by Sachin Verma, an accountant employed by the SEC, which will be used as part of the regulator's arguments to request the court to sign a temporary restraining order to freeze assets on“The SEC has been unable to determine why a Zhao-controlled entity that was purportedly trading on thePlatform using Zhao’s personal funds would have acted as a 'pass through' account for billions of dollars of Binance Platforms...
The SEC alleges, via Verma’s forensic analysis of the bank statements of Binance and Zhao’s web of companies, that $12 billion was sent to Zhao and $162 million to a Guangying Chen-controlled company in Singapore. Chen and Zhao controlled a number of companies with no obvious connection to Binance in their name, the documents show. The SEC says that the majority of the funds sent to Zhao and Chen are now in accounts “offshore.”
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