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.
Source : Binance US Struggles to Find Bank Willing to Hold Customer Funds – WSJ