Binance US, the American dollar-denominated arm of the world’s largest cryptocurrency exchange by volume, has selected Prime Trust LLC as its exclusive provider of custodial services.
This is a big deal because it’s the first time that Binance, which is headquartered in Malta but has offices all over the world, has chosen to work with a US-based partner for its custodial needs. Up until now, Binance has used partners like Coinbase and Xapo for its custodial services.
Why does Binance need a custodian? Because when you’re dealing with large amounts of other people’s money, especially in the Wild West world of cryptocurrency, it’s important to have a third party that can hold onto those assets and make sure they don’t disappear.
It’s also worth noting that Binance US is subject to stricter regulations than Binance’s other exchanges because it deals in fiat currency (USD). So it makes sense that the company would want to work with a US-based partner that is already compliant with those regulations.
NOTE: WARNING: Binance US does not use Prime Trust LLC as a custodian or a third-party service provider. Binance US customers are required to complete KYC and AML procedures with our own internal system. Any attempts to use Prime Trust LLC as a third-party service provider for Binance US accounts will not be accepted and may be subject to legal action.
Prime Trust is a Nevada-chartered limited liability trust company that provides crypto custodial services, among other things. The company says it holds “more than $12 billion in assets in custody for more than 250,000 clients.”
Some of those clients include major names in the crypto world like ShapeShift, Bitfinex, and Kraken. So Binance US is in good company.
And Prime Trust says it will offer “competitive rates” to Binance US users who want to custody their assets with the company.
So what does this mean for Binance US users? It means they now have another option for storing their cryptocurrencies safe and sound. And it also means that Binance US is one step closer to becoming a fully compliant exchange that offers a wider range of services to its users.
5 Related Question Answers Found
Binance US is a digital asset exchange created by one of the world’s largest cryptocurrency exchanges, Binance. The US-based exchange is operated by BAM Trading Services and started trading in September 2019. The launch of Binance US followed Binance’s announcement that it would be opening a branch of its popular cryptocurrency exchange in the United States.
Binance Prime Trust is an LLC, a US-based limited liability company. The company was formed in 2018 by Binance and its US-based partners. Binance Prime Trust is a qualified custodian under the US Investment Advisers Act of 1940 and is a member of SIPC.
Prime Trust is a US-based custodian and depository institution that is licensed to provide custody and related services for digital assets. Prime Trust has been operational since 2018 and is one of the most popular choices for those looking for a digital asset custodian. Binance is a digital asset exchange that allows users to trade cryptocurrencies.
Binance US is a US-based cryptocurrency trading platform launched in 2019. The platform is operated by Binance Holdings Ltd.
, the world’s largest cryptocurrency exchange by trading volume. Binance US is available to residents of all 50 states and Puerto Rico.
Binance is a cryptocurrency exchange that launched in 2017. The company is based in Malta and has offices in Singapore, Taiwan, and Japan. Binance is the world’s largest cryptocurrency exchange with a daily trading volume of over $2 billion.