{"id":19677,"date":"2023-04-10T13:46:14","date_gmt":"2023-04-10T13:46:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/report-showing-binance-us-unable-to-find-bank-partners-in-the-us\/"},"modified":"2023-04-10T13:46:14","modified_gmt":"2023-04-10T13:46:14","slug":"report-showing-binance-us-unable-to-find-bank-partners-in-the-us","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/report-showing-binance-us-unable-to-find-bank-partners-in-the-us\/","title":{"rendered":"Report showing Binance.US unable to find bank partners in the US"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681118716048-e1b27194-3144-4c5b-a0b6-6a1726099337-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681118716048-e1b27194-3144-4c5b-a0b6-6a1726099337-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681118716048-e1b27194-3144-4c5b-a0b6-6a1726099337-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681118716048-e1b27194-3144-4c5b-a0b6-6a1726099337-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The recent failures of Silvergate and Signature Bank left Binance.US without banking services.<\/li>\n<li>Binance.US is looking for a new bank partner to serve as a fiat on-ramp and off-ramp for its clients in the US.<\/li>\n<li>A WSJ report has however indicated that the exchange is facing challenges in identifying the bank partner.<\/li>\n<\/ul>\n<p>Binance.US, the United States arm of global crypto exchange <a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance<\/a>, is in the process of identifying a new bank partner that will serve as a fiat on-ramp and off-ramp. The crypto exchange was left with a bank partner after the collapse of the Silvergate and Signature Bank.<\/p>\n<p>However, according to a <a href=\"https:\/\/www.wsj.com\/articles\/binance-us-struggles-to-find-bank-to-take-its-customers-cash-83150ac5\">report<\/a> published by the WSJ on April 8, Binance.US has been facing challenges in establishing a new bank partner. According to the report, the exchange has been depending on middleman banks to store funds.<\/p>\n<p>Currently, Binance.US is holding customer funds through the financial technology firm Prime Trust\u2019s banking partners.<\/p>\n<h2>Regulatory crackdown on banks with crypto clients<\/h2>\n<p>Binance.US has had a number of attempts in establishing a direct banking relationship with the likes of Cross River Bank and Customers Bancorp, but they have all failed.<\/p>\n<p>The regulatory crackdown in the US on banks with cryptocurrency clients is seen as a major factor contributing to the struggles the exchange is facing in identifying a new banking partner.<\/p>\n<p>Binance has been the focus of the US Commodity Futures Trading Commission (CFTC) investigation since 2021. The <a href=\"https:\/\/coinjournal.net\/news\/bnb-usd-price-forecast-amid-cftc-suing-binance-for-crypto-trading-violations\/\">CFTC sued Binance Holdings and its CEO<\/a>, Changpeng \u201cCZ\u201d Zhao, last month for alleged trading violations. And although CZ issued a statement <a href=\"https:\/\/coinjournal.net\/news\/binances-cz-refutes-cftcs-claims-of-improper-compliance-procedures-and-trading\/\">refuting CFTC\u2019s allegations<\/a>, the lawsuit has had a significant effect on the exchange including leading to a drop in the exchange\u2019s crypto market share.<\/p>\n<p>The absence of a direct bank has greatly affected Binance.US customers, especially after Binance said that <a href=\"https:\/\/www.binance.us\/status\">some US dollar deposit services would be temporarily affected<\/a> as it transitions to new banking and payment service providers over the next few weeks.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/report-showing-binance-us-unable-to-find-bank-partners-in-the-us\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The recent failures of Silvergate and Signature Bank left Binance.US without banking services. Binance.US is looking for a new bank partner to serve as a fiat on-ramp and off-ramp for its clients in the US. A WSJ report has however indicated that the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":19678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19677"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19677"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19678"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}