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Binance Now Allows Larger Traders to Keep Their Assets Elsewhere: FT
The move may reflect users' unease about Binance's regulatory dispute in the U.S., which saw it landed with a $4.3 billion fine in November
Updated Mar 8, 2024, 8:40 p.m. Published Jan 30, 2024, 9:26 a.m.
Cryptocurrency exchange Binance now allows larger traders to keep their assets at independent banks, the Financial Times reported on Tuesday.
Previously, they had to hold their assets on the exchange or at its custodial partner, Ceffu. They can now use crypto-friendly institutions such as Swiss banks Sygnum or FlowBank.
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The move may reflect users' unease about Binance's regulatory dispute in the U.S., which saw it landed with a $4.3 billion fine in November, heightening concerns brought about by the bankruptcy of rival exchange FTX a year earlier.
"I'd much rather park my money with a Swiss bank than Binance," said the head of a crypto trading firm cited by the FT.
Binance said in November it had been exploring a banking triparty arrangement for more than a year, referring to an arrangement with its customers and a bank custodian, though did not disclose the names of the banks.
"Our banking triparty solution paves the way for greater adoption amongst institutional investors, as this long standing model allows investors to manage risk while maximizing their capital efficiency by pledging collateral in the form of traditional assets," a spokesperson for the exchange said in an emailed comment.
Read More: Binance Thailand Crypto Exchange Open for Trading
UPDATE (Jan. 30, 10:54 UTC): Removes FT attribution in final two paragraphs and replaces with link to Binance release and emailed comment.
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