Binance used customer funds for its own purposes in a move similar to FTX scandal: report

• Binance used customer deposits for its own undisclosed purposes, according to a report from Forbes. 
• Binance transferred $1.8 billion in stablecoin collateral to hedge funds, the report says. 
• A spokesperson told Insider that Binance has "never invested or otherwise deployed user assets without consent under the terms of specific products."

Binance reportedly appropriated customer assets for its own purposes in a series of moves that present similarities to events leading up to FTX's downfall, according to Forbes.