Binance Customers Can Now Use External Custodians For Their Assets

• Binance has begun to allow some traders to keep their assets at independent banks.
• Customers demanded external custody following Binance’s recent regulatory challenges.
• Some Binance customers have reportedly subscribed to Switzerland’s Sygnum Bank and Flow Bank.

Binance, the world’s largest cryptocurrency exchange by volume, has begun to allow some traders to keep their assets at independent banks. According to reports, the recent development arose from customers demanding to hold their assets with an independent custodian. The demand by customers follows the crypto exchange’s recent regulatory challenges.

There are claims of growing unease among Binance customers following its indictment and fine by United States authorities last year. The crypto exchange agreed to pay over $4 billion in settlements with several U.S. enforcement agencies last November. The fine followed years of investigation and uncovering of widespread criminal use of Binance’s platform.

As a result, many Binance customers opted for independent assets custody and have subscribed to banks like Switzerland’s Sygnum Bank and Flow Bank, according to reports. That deviates from …

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