STORY: Binance mixed company money with customer deposits.

That’s according to three Reuters sources familiar with operations at the world’s largest cryptocurrency exchange.

One said the mixing ran into billions of dollars, and happened almost daily.

Reuters wasn’t able to confirm those numbers, but did see bank records appearing to show the commingling of money.

If confirmed, that would be in violation of U.S. rules which require customer deposits to be kept separate.

Three former Washington regulators say it would also be evidence of lax internal controls, and could put client funds at risk by obscuring their whereabouts.

In a statement, Binance denied using any such practices.

It said there was no commingling at any time.

Reuters found no evidence that client funds were lost or stolen.

However, the report will ring alarm bells, after allegations of similar practices at collapsed crypto exchange FTX.

Its founder, Sam Bankman-Fried, has pleaded not guilty to fraud charges, and denied there was any money mingling.

The Binance funds in question were held at the now-collapsed U.S. lender Silvergate Bank.

It wouldn’t comment on the Reuters report.