Binance Enables Big Investors to Hold Assets in Swiss Banks
Binance, the world’s largest cryptocurrency exchange, has facilitated the storage of assets by big investors in independent banks, a move aimed at resolving regulatory disputes in the US following its $4.3 billion fine in November 2023 and the collapse of rival exchange FTX a year ago.
The move follows a crypto trading company president’s preference for Swiss banks. Binance has been exploring banking regulations and negotiating an agreement with a bank custodian for clients for nearly two years. The company acknowledges counterparty risk as a concern for the industry.
(With inputs from Shikha Singh)
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