Binance News | Binance Under Pressure | Will USD Customers Suffer?

In this video, we'll be discussing the recent challenges facing Binance US, the United States arm of global crypto exchange Binance, in establishing a new bank partner to serve as a fiat on-ramp and off-ramp for its clients in the country. According to a Wall Street Journal report on April 8, recent failures of Silvergate and Signature Bank have left Binance US without banking services, depending on middlemen's banks to store funds on its behalf. The regulatory crackdown on banks with crypto clients is also another factor contributing to the exchange's struggles.

Furthermore, the recent lawsuit by the US Commodity Futures Trading Commission (CFTC) against Binance Holdings and its CEO Changpeng “CZ” Zhao for allegedly trading violations has added to the exchange's challenges. Binance US needs a bank to directly hold its client's US dollars, but recent attempts to establish direct banking relationships with banks have failed.

As a result, Binance US customers have been affected by the lack of a direct bank. The exchange is transitioning to new banking and payment service providers over the next several weeks, but some USD deposit services will be temporarily impacted during the transition. Currently, Binance US is holding customer funds via financial technology firm Prime Trust.

In addition, Binance US is operating in a similar environment to that which crypto firms are experiencing in the United Kingdom, where banks are moving away from accepting clients from the crypto sector. The few banks still working with crypto firms in the UK are requesting more documentation and information about how they monitor clients’ transactions.

In conclusion, Binance US is under pressure to establish a new bank partner to serve its clients in the United States. The challenges facing the exchange are not unique, as many crypto firms are experiencing similar difficulties in finding banks that are willing to work with them. We will continue to monitor this situation and provide updates as they become available.

Binance News | Binance Under Pressure | Will USD Customers Suffer?

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