• 13/06/2024 13:36

Binance allowed large traders to store assets off-exchange – FT

Large traders pressured Binance management to transfer their assets to third-party companies due to fear of losing them amid the collapse of the FTX exchange, as well as pressure on Binance from US authorities. This is reported by the Financial Times with a link to its own sources.

Binance allowed large traders to keep assets outside the exchange — FT

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Previously, the exchange demanded Clients can place funds in their accounts or use the services of a Ceffu custodian. According to the publication, the “whales” were made an exception and were allowed to store assets in the crypto banks Sygnum and Flow Bank.

Traders were afraid of losing funds due to the confrontation between Binance and the US authorities, which resulted in a fine of $4.3 billion and resignation of the CEO of the exchange.

The collapse of the FTX exchange also played a certain role in the desire of clients to gain access to independent storage facilities. Due to the bankruptcy of the cryptocurrency giant, thousands of clients lost billions of dollars in assets, the media noted.


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