The U.S. arm of cryptocurrency exchange Binance is struggling to find a bank to handle its customers’ cash after the failure of Signature Bank last month, the Wall Street Journal reported on Saturday, citing people familiar with the matter.
Previously, the deposits were sent to either Signature Bank or Silvergate Capital Corp, both seen as crypto-friendly banks. However, after both failed, the exchange is rushing to find a new banking partner, according to the report.
Binance.US is using at least one intermediary to store funds, the report said, adding that since the money is being held by a third party, it can slow down sending and moving funds.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: