Desperately looking for bank – The American subsidiary of the cryptocurrency platform Binance having difficulty finding a new banking partner to UNITED STATES. However, this collaboration would allow the company to offer a monetary entry and exit door for its customers in the country. This situation, caused by the bankruptcy of some banks like Silvergate and Signature Bank and by the frequent assaults of the American gendarme against the Changpeng Zhao platform, left Binance.US flabbergasted.
Binance.US struggles to find a banking partner
Binance.US so looking for a banque desperately. For what ? To directly hold the US dollars of its customers. According to our colleagues from the Wall Street Journal, several attempts have been made. Cross River Bank, Customers Bancorp have, for example, been banks claiming this partnership. But in vain. Binance US does not find a shoe to fit.
And meanwhile, Binance.US customers are affected by the lack of a direct bank. In the impasse, Binance US posted a status update stating that “new banking and payment service providers over the next few weeks” would be announced. As a reminder, Binance.US currently stores client funds through the company. Prime Trust, known company in the Celsius bankruptcy case and it too is threatened by regulation. In fact therefore, this solution is not sustainable for the company.
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Binance US put to the test by crypto regulations
The regulatory pressure around the so-called banks crypto friendly, i.e. pro crypto, is another contributing factor to Binance.US’ struggles. In an atmosphere of anti-crypto warfare, the Commodity Futures Trading Commission (CFTC) capable sued Binance and its CEO, Changpeng “CZ” Zhao in March for alleged violations of trading rules and money laundering charges.
The world leader in crypto platforms, through the voice of its spokesperson, confirmed its tenacity with our colleagues from the Wall Street Journal:
“We are working with several US-based banking and payment service providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services. »
Binance Spokesperson Statement – Source Wall Street Journal
Reliance on intermediary banks to store client funds can cause inconvenience and damage the reputation of centralized exchanges. However, Binance is not lacking in resources despite falling numbers and continues to work to find sustainable solutions to meet the needs of its US customers.
Binance has now reached a sufficient critical size to be able to return blow after blow in this kind of anti-crypto war fund skirmish. To register on the exchange and form your own opinion, it’s this way. You will save 10% on your trading fees by following this link (trading link).
