The US arm of the global cryptocurrency exchange, Binance, has had difficulty finding a new banking partner to help it convert from cryptocurrency to fiat and back, according to a Wall Street Journal report on April 8.
The recent collapses of Silvergate and Signature have left Binance.US without bank services, forcing it to rely on intermediary banks to store funds on its behalf, according to the Wall Street Journal, citing people familiar with the matter.
Regulatory campaigns against banks with clients connected to the crypto world is another factor contributing to the increase in conflicts with the stock exchange. In March, the US Commodity Futures Trading Commission (CFTC) sued Binance Holdings and its CEO, Changpeng CZ Zhao, for alleged violations of trading rules. Moreover, the cryptocurrency exchange has been in the spotlight of the CFTC since 2021.
