WSJ: Binance US is working to find banks that will accept cash from its customers

ChainCatcher news, according to a report by The Wall Street Journal citing informed sources, after the collapse of Signature Bank last month, the cryptocurrency exchange platform Binance US is struggling to find a bank to handle its customers' cash. Previously, these deposits were sent to Signature Bank or Silvergate Capital Corp. After both banks collapsed, the exchange platform is eager to find new banking partners.

Currently, Binance US is using at least one intermediary to represent it in storing funds. Informed sources indicate that the presence of an intermediary bank may slow down the process of sending and transferring funds. In recent months, Binance US has attempted to establish direct banking relationships with Cross River Bank in New Jersey and regional bank Customers Bancorp Inc. in Pennsylvania, but has been unsuccessful. (Source link)