Binance, the world’s largest cryptocurrency exchange by trading volume, has entered into a strategic partnership with Swiss banking institutions to mitigate growing concerns surrounding counterparty risk in the crypto industry, as reported by the Financial Times.
This move follows Binance’s regulatory fines imposed by US authorities in 2023. As part of the collaboration, Binance has allowed “larger traders” to store their assets at independent banks, including Switzerland’s Sygnum Bank and Flow Bank, and the existing custodian Ceffu.
Binance Addresses Counterparty Risk
Previously, Binance clients could hold their assets on the exchange or through Ceffu, which US regulators described as a “mysterious Binance-related entity.” However, with the new collaboration, traders now have the opportunity to store their assets with established Swiss banks, which are subject to regulatory oversight.
The head of an unnamed crypto trading firm preferred Swiss banks to the Financial
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