Binance expands institutional offering with new custodial services
Binance, the world’s largest crypto exchange by trading volume, announced a new custodial service, ‘Binance Custody’, for institutional-grade investors on Tuesday.
Introducing #Binance Custody – an institutional-grade, fully compliant crypto custody solution in Lithuania. https://t.co/Iu56hBrqY3
— Binance (@binance) December 7, 2021
Until now, Binance leveraged custody services of third-party custodians for its several products, but now it will utilize its brand services to expand institutional access. The custody division is launched in the Republic of Lithuania and complies with the country’s custodial laws and regulations.
For the new offering, Binance will use a certified high-level cold wallet and make a multi-signature withdrawal system. In addition, the cold wallet hardware will meet “FIPS 140-2” certified cryptographic module standards.
“User protection is paramount for Binance Custody and all initiatives under the Binance ecosystem,” said Changpeng’ Zhao, Co-founder and CEO of Binance in the announcement. He noted:
“To that end, the building blocks for Binance Custody are based on security, compliance and utility. We’re looking forward to piloting this service to our institutional clients in Lithuania and in the future, to other regions.”
Binance has recently been strengthening its compliance standards to meet the regulatory requirements of many countries. The exchange revealed Monday that it is looking to regain its business license in the UK under the Financial Conduct Authority (FCA).
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow