Because its previous banking partner failed, sources cited by The Wall Street Journal claim that Binance’s US subsidiary is having trouble locating a bank to take cash payments from its clients. One of the biggest cryptocurrency exchanges in the world has recently come under examination from regulators in a number of nations.
Binance US is now operating without a trustworthy banking partner as a result of Silvergate Bank, Binance’s former banking partner, ceasing to support the exchange’s users. Since then, the exchange has been looking for a new banking partner, but has apparently been having trouble since prospective partners are worried about Binance’s regulatory challenges.
Regulatory issues have plagued Binance in a number of nations, including the US.
where it is said to be operating without the necessary permits. Also, the trade has drawn attention in other nations, including the UK, Japan, and Canada.
The difficulties encountered by Binance’s US affiliate in locating a new banking partner may have an effect on the exchange’s ability to run in the nation. With more than 2 million registered users, Binance US presently provides services to clients in more than 40 US states.
Binance has not yet offered a response to the predicament.