Binance’s U.S. branch sought banks to cooperate after bankruptcies.
Binance’s US arm is having trouble finding a new bank partner. After bank failures in America, Binance.US can’t find a bank to partner with.
Binance.US Cannot Find Bank Partners for Withdrawals
Binance’s U.S. arm is struggling to find a bank partner that will allow customers in the country to enter and exit fiat, the Wall Street Journal reported.
According to the WSJ, Silvergate and Signature Bank’s troubles left Binance.US without banking services.
The pressure on banks working with crypto companies stands out as another factor in the reveal of this situation. The US Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng Zhao, for various violations last month.
Binance.US is looking for a bank that will directly hold US dollars so that its customers can make their transactions more healthy. However, the company’s attempts to establish direct banking relationships with banks such as Cross River Bank and Customers Bancorp have failed.
The search for a bank partner of Binance’s US branch continues.
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