If you commingle customer funds, by definition you’re spending some of them when you use that account to pay business expenses, it’s impossible to differentiate them and makes several other types of fraud more likely.
AFAIK, commingling means that customer funds went into the same account as business funds.
SBF is accused of then using those customer funds for business expenses, while Binance _seems_ to have stopped at just not separating them properly.
