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Binance has begun to allow its larger traders to hold their assets with independent banks rather than on the exchange, the Financial Times reported. The banks For the first time, select Binance users now have the option to keep assets under the custody of independent players like Switzerland’s Sygnum Bank and Flow Bank Cryptocurrency exchange Binance now allows larger traders to keep their assets at independent banks, the Financial Times reported on Tuesday. Previously, they had The new approach adopted by Binance allows traders to take advantage of the services of independent banks, particularly those with a favorable position towards Cryptocurrency exchange Binance has allowed some large traders to choose independent custodians for their assets, dropping Ceffu, its exclusive institutional In response to growing concerns about the safety of its platform, Binance has started allowing some of its larger traders to store their assets with independent banks. Binance has finally agreed to allow its customers to keep their crypto assets with an independent custodian, as traders lose trust in the major exchange over some of the

Concerned about the safety of your crypto assets on exchanges? Binance has begun to allow its larger traders to hold their assets with independent banks rather than on the exchange, the Financial Times reported. This marks a significant shift for the leading cryptocurrency exchange.

Binance Allows Large Traders Independent Custody of Assets

For the first time, select Binance users now have the option to keep assets under the custody of independent players like Switzerland’s Sygnum Bank and Flow Bank. Cryptocurrency exchange Binance now allows larger traders to keep their assets at independent banks, the Financial Times reported on Tuesday. Previously, they had no such option.

Why is Binance allowing independent bank custody?

In response to growing concerns about the safety of its platform, Binance has started allowing some of its larger traders to store their assets with independent banks. This move aims to restore confidence as traders navigate a complex landscape. Binance has finally agreed to allow its customers to keep their crypto assets with an independent custodian, as traders lose trust in the major exchange over some of the recent controversies. This new approach offers peace of mind by separating assets from the direct control of the exchange.

The new approach adopted by Binance allows traders to take advantage of the services of independent banks, particularly those with a favorable position towards digital assets. This provides a level of security and regulatory oversight not always available on centralized exchanges.

Dropping Ceffu as Exclusive Custodian

Cryptocurrency exchange Binance has allowed some large traders to choose independent custodians for their assets, dropping Ceffu, its exclusive institutional custody solution. This signals a willingness to embrace a more decentralized and trust-based approach to asset security.

By offering this option, Binance hopes to reassure large traders and maintain its position as a leading cryptocurrency exchange amidst increasing scrutiny and competition.

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