Binance.US, a leading digital asset exchange, is seeking a new banking partner as it faces increasing regulatory pressure. The exchange has been operating without a bank partner since its launch in September 2019, and its current service provider, Anchorage, is unable to provide certain services due to the lack of a banking partner.
The search for a new banking partner comes as the U.S. Securities and Exchange Commission (SEC) has stepped up its scrutiny of digital asset exchanges. The SEC has been investigating Binance.US for potential violations of securities laws, and the exchange has been working to comply with the regulator’s requirements. Binance.US is also facing pressure from the Financial Crimes Enforcement Network (FinCEN), which recently proposed new rules that would require digital asset exchanges to collect more information about their customers.
Binance.US is hoping to find a banking partner that can provide services such as deposits, withdrawals, and payments processing. The exchange is also looking for a partner that can provide compliance and risk management services, which are essential for operating in the digital asset space.
Finding a new banking partner is no easy task, however. Many banks are wary of working with digital asset exchanges due to the increased regulatory scrutiny and potential risks associated with the industry. Binance.US is hoping to find a partner that is willing to work with them despite the regulatory uncertainty.
In addition to finding a new banking partner, Binance.US is also working to improve its compliance and risk management processes. The exchange has implemented several measures, such as enhanced customer due diligence and transaction monitoring, to ensure that it is compliant with applicable laws and regulations.
Binance.US’s search for a new banking partner is an important step in ensuring that it can continue to provide customers with access to digital assets in a safe and compliant manner. The exchange is hoping to find a partner that can provide the necessary services while also helping it navigate the increasingly complex regulatory environment.
