According to a recent report citing 'sources familiar with the matter,' Binance US, is having difficulty finding a U.S. banking partner.
that “certain USD deposit services will be temporarily unavailable.” Binance US stated that it was “transitioning to a new banking partner,” and services would resume once the process was complete.
However, sources quoted by WSJ reporters Caitlin Ostroff, Rachel Louise Ensign, and Alexander Osipovich indicate that Binance has faced challenges in finding a banking partner. The report states that Binance US has allegedly attempted to establish connections with several specific banks following the collapse of the three crypto-friendly U.S. banks.
Binance US has unsuccessfully sought to establish direct banking relationships with banks including Cross River Bank, the New Jersey-based lender that serves some crypto and financial-technology firms, and Customers Bancorp Inc., a Pennsylvania-based regional bank, in recent months, the people said. The reporters further spoke with a spokesperson from Binance US, who stated, “We work with multiple U.S.-based banking and payment providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services.
its U.S. operations, citing excessive regulatory oversight in the United States as the reason for the shutdown.against Binance Holdings Ltd., the parent company of Binance US, alleging violations of trading and derivatives rules. The lawsuit also includes Binance CEO Changpeng Zhao and the company’s former chief compliance officer, Samuel Lim.
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