Binance battles to find place for customers’ cash

FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration

NEW YORK: The US arm of cryptocurrency exchange Binance is struggling to find a bank to handle its customers’ cash after the failure of Signature Bank last month

Previously, the deposits were sent to either Signature Bank or Silvergate Capital Corp, both seen as crypto-friendly banks. However, after both failed, the exchange is rushing to find a new banking partner, according to The Wall Street Journal (WSJ), citing people familiar with the matter.