Binance.US is facing challenges in establishing a new banking partnership to provide fiat deposits and withdrawals to its customers in the US.
Why can’t Binance.US find banks ?
Yes, that’s correct. The challenge of finding a new banking partner for Binance.US is further complicated by regulatory pressure and allegations of trading violations by Binance Holdings, which led to a lawsuit by the US Commodity Futures Trading Commission. Binance.US needs a bank to hold customers’ US dollars directly.
You can read our news below to learn why Binance was sued.
Currently, Binance.US holds customer funds through the financial technology company Prime Trust, which is an important step to ensure the security of customers’ funds. However, the lack of direct banking relationships is necessary to speed up customers’ transactions and allow them to trade at lower fees.
Binance.US has faced a series of challenges in its efforts to establish a banking partner. These include concerns from potential banking partners about whether the company is compliant with regulatory agencies and allegations of trading violations by Binance Holdings.
Binance.US is an important player among crypto exchanges in the US and is continuing its efforts to establish a banking partner to better serve its customers.
In conclusion, Binance.US’s banking partner issue is important to enable the company’s customers to conduct transactions faster and at lower fees. However, regulatory compliance and allegations of trading violations have made the search for a banking partner more complicated. Binance.US is continuing its efforts to overcome these challenges and seeking solutions to provide the best service to its customers.