Binance is struggling to find a banking partner

Binance US, the US subsidiary of Binance, one of the world’s largest cryptocurrency platforms, is struggling to find a bank to handle its customers’ cash after the collapse of Signature Bank. The recent banking crisis has caused US cryptocurrency exchange Binance to struggle to find a bank to handle its customers’ cash. According to The Wall Street Journal, Binance.US previously used Signature Bank or Silvergate Capital Corp to deposit funds. With the collapse of both financial institutions, US cryptocurrency exchange Binance has begun looking for a banking partner. Binance.US currently uses at least one intermediary to store funds on its behalf, which can slow down the process of sending and moving funds. Finding a bank to hold customers’ dollar positions directly is important for Binance.US. Binance.US has been unsuccessful in reaching out to Cross River Bank and Customers Bankcorp in recent months to establish direct banking relationships. According to the WSJ, some banks are reluctant to do business with Binance US due to concerns about regulatory risks.