It is alleged that the firm was forced to move away from its own requirements due to increased pressure from key customers. They expressed concerns about the safety of funds due to the confrontation between Binance and the US authorities, which resulted in a fine of $ 4.3 billion and the resignation of the company's CEO, the authors of the publication say.
The collapse of the FTX exchange also played a role in the desire of customers to gain access to independent storage, writes FT. Due to the bankruptcy of the cryptocurrency giant, thousands of customers lost billions of dollars worth of assets, according to the media.
Previously, the cryptocurrency company required its clients to keep funds on the exchange or use the services of the Ceffu custodian. In 2023, American regulators called this platform a "mysterious organization associated with Binance."
It is also worth noting that Ceffu was featured in the charges that the U.S. Securities and Exchange Commission (SEC) filed against the company in September 2023 Binance.US .
According to media reports, the firm eventually allowed large traders to use third-party organizations to store assets. Among such companies, two cryptocurrency banks are mentioned — Sygnum and Flow Bank.