Binance Now Allows Larger Traders to Keep Their Assets Elsewhere: FT
Summary
Binance, a cryptocurrency exchange, now allows larger traders to store their assets in independent banks. Previously, these traders were required to hold their assets on the exchange or with its custodial partner, Ceffu. Now, they can use crypto-friendly institutions like Swiss banks Sygnum or FlowBank. This change may be due to users' concerns about Binance's regulatory issues in the U.S., which resulted in a $4.3 billion fine in November. Binance had been considering a banking triparty arrangement for nearly two years, but did not disclose the names of the banks involved. The exchange stated that counterparty risk is a concern for the entire industry, not just Binance.
