Binance's US Arm Struggles to Find a Banking Partner

Binance, one of the world’s largest cryptocurrency exchanges, is facing yet another hurdle in the United States. The company’s US arm is reportedly struggling to find a bank that will handle its customers’ cash after the failure of two crypto-friendly banks. According to the Wall Street Journal, Signature Bank and Silvergate Capital Corp have both failed, leaving the exchange in a precarious position.

Binance.US has reportedly been using at least one intermediary to store funds, which has slowed down the sending and moving of funds. However, this is not a sustainable solution for the exchange, and it is urgently seeking a new banking partner.

The report states that Binance.US has tried unsuccessfully to establish relationships with Cross River Bank and Customers Bancorp Inc. The banks are said to be reluctant due to concerns over regulatory risk. This is not surprising given that Binance is currently facing a lawsuit from the U.S. Commodity Futures Trading Commission (CFTC). The CFTC alleges that Binance and its CEO were operating an “illegal” exchange and a “sham” compliance program.

Since the lawsuit, investors have withdrawn $1.6 billion from Binance. This is a significant blow to the exchange, and the inability to find a new banking partner could further hinder its operations in the United States. Binance.US has stated that it is working with multiple U.S.-based banking and payment providers and is onboarding new partners while upgrading its internal systems to create a more stable fiat platform and offer additional services.

The struggles faced by Binance.US highlight the challenges that cryptocurrency exchanges face in the United States. The regulatory environment is complex, and banks are wary of dealing with companies in the industry. Binance is not the only company to have faced difficulties in this regard, and it is likely that others will face similar challenges in the future.

In conclusion, Binance’s US arm is facing a significant challenge in finding a new banking partner. The failure of two crypto-friendly banks has left the exchange in a precarious position, and it is urgent that it finds a solution. However, given the regulatory risks involved, this may prove to be a difficult task. The struggles faced by Binance.US highlight the challenges that cryptocurrency exchanges face in the United States and the need for greater regulatory clarity.

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