Binance.US, the U.S. arm of the global cryptocurrency exchange, has reportedly faced difficulties in securing a new bank partner to serve as a fiat on-ramp and off-ramp for its clients in the country.
The Wall Street Journal reported on April 8 that recent failures of Silvergate and Signature Bank left Binance.US without banking services, depending on middleman banks to store funds on its behalf.
Regulatory crackdowns on banks with crypto clients are also contributing to the exchange’s struggles. Attempts to establish direct banking relationships with banks such as Cross River Bank and Customers Bancorp have failed.
As a result, the exchange is transitioning to new banking and payment service providers, which may temporarily impact some USD deposit services. Binance.US is currently holding customer funds via financial technology firm Prime Trust, which works with multiple U.S.-based banking and payment providers.
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