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Binance is offering new ways for big traders to keep their money safe due to changes in rules from the government.

  • Binance is letting big traders keep their assets in separate banks like Sygnum Bank and FlowBank. This gives them better security and follows stricter rules for keeping assets safe. This is different from the usual way of keeping assets on the exchange or with their partner, Ceffu.
  • Despite having problems with the law and rules, Binance is still doing well in the market. They have made new partnerships with banks to show that they are trustworthy and can keep their users’ information safe. They are also adapting to the changing cryptocurrency world.

Binance, a big cryptocurrency exchange, now lets its big traders keep their assets in independent banks to make them more secure and flexible.

The change in strategy, as mentioned by the Financial Times, shows a move away from the usual way traders kept their assets either on the stock exchange or with the company’s custody partner, Ceffu.

Banking partnerships that are carefully planned and very important for a specific purpose.
The plan includes big banks like Sygnum Bank and FlowBank from Switzerland. Binance recently announced a trial banking partnership with another bank. The move is happening because more people want safer ways to keep their assets. This is especially true in the crypto exchange world, which has faced a lot of problems and uncertainties.

The boss of a company that trades in digital money said he feels safer putting his money in a Swiss bank instead of Binance. He thinks the Swiss bank offers better security and is regulated more strictly.

Sygnum Bank is taking action to address client worries about risks when trading on crypto exchanges. The bank promised to create solutions that match their clients’ changing needs and risks.

Binance promises to keep your information safe and private

Given these changes, a Binance representative stressed how important it is to have trust and keep things private when working with banks and investors. The spokesperson said the company is committed to working with different partners and finding new opportunities that meet the needs of institutional participants.

However, there are many challenges to the strategic change. The company had a rough year with a big $4. 3 billion payment to the U. S Officials are looking into accusations of hiding money and breaking rules about trade restrictions. The agreement made in the case was one of the biggest in business history. It ended a criminal investigation and brought about big changes in Binance’s management and how it operates.

Market changes and ability to bounce back from difficulties

Despite the challenges from laws and rules, information from industry experts like Kaiko and The Block’s data dashboard show that Binance’s market position is more complex. Binance’s share of the market for exchanges using currency other than the US dollar went up and down, reaching a low of 44% when the dispute was settled. But there are signs that it is getting stronger again.

Things like no-fee deals and the excitement about bitcoin ETFs have helped Binance’s market share go up again. This shows how Binance can change and still be popular with traders.

Conclusion

Binance is letting big traders keep their money in well-known banks like Sygnum Bank and FlowBank. This is a smart move to keep up with changes in how people trade and keep track of cryptocurrency. The decision to move comes as Binance wants to make its platform safer and more flexible for its users, while also dealing with changes in the market and rules.

Warning This information is not advice on buying or selling stocks.

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