Binance.US Silvergate partnership
Cryptocurrencies,  Regulation,  United States

Binance.US announces Silvergate Bank partnership as parent Binance cuts off U.S. users

Leading cryptocurrency exchange Binance is giving U.S.-based users 90 days to move to Binance.US or other exchanges; meanwhile Binance.US is stepping up its institutional game

Binance.US, the American arm of the leading cryptocurrency exchange Binance, has partnered up with digital asset-friendly Silvergate Bank to offer corporate customers around-the-clock trading.

The move to step up the Binance.US institutional client game comes as Binance extricates itself completely from America, possibly sending more clients towards Binance.US. 

As The Block first reported on Nov. 9, Binance has begun booting U.S.-based clients—even though it had already cut off Americans in July 2019, just after announcing the creation of Binance.US, which licenses its technology. Binance.US launched that September.

But until now, U.S.-based Binance clients simply had to click a button saying they were not American citizens to continue to do business with the world’s largest exchange, according to The Block. Now they are getting emails giving them 90 days to close out their accounts and recommending they switch to Binance.US.

24/7 corporate service 

By teaming up with Silvergate Bank, Binance.US is able to provide institutional and high-net-worth clients access to the Silvergate Exchange Network (SEN), which can process transactions in real time 24 hours a day, seven days a week. This frees clients from being limited to banking hours to deposit and withdraw funds.

“We know how important it is to have a market that is available at all hours and provides a low-cost solution for our corporate clients,” said Catherine Coley, CEO of Binance.US. “This is a key part of our mission: to make crypto access easier, more convenient and more efficient every day.”

The savings come from not having to wait for banking hours to move funds, which can save money, according to Binance.US. And the transfers have no transactions fees, it added.

Binance.US currently supports more than 50 cryptocurrencies in 40 U.S. states, and is working to add the final 10. Most recently, in August, Binance.US added support for Florida residents.

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Leo Jakobson, Modern Consensus editor-in-chief, is a New York-based journalist who has traveled the world writing about incentive travel. He has also covered consumer and employee engagement, small business, the East Coast side of the Internet boom and bust, and New York City crime, nightlife, and politics. Disclosure: Jakobson has put some 401k money into Grayscale Bitcoin Trust.