WSJ reports that Binance.US is currently using a “middleman” who is making deposits on its behalf. However, this method is seen as unsustainable due to the time needed to process the payments.

“We work with multiple U.S.-based banking and payment providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services,” a Binance.US spokesperson told WSJ.

So far, Binance.US has reportedly reached out to multiple banks that have a history of supporting crypto firms, including New Jersey-based Cross River Bank and Pennsylvania-based Customers Bancorp. However, both of the mentioned banks have declined the crypto exchange.

The main reason why the banks are reluctant to establish a banking relationship with Binance.US is the concerns about the regulatory risks that might follow.

Binance.US previously saw its acquisition of crypto lender Voyager Digital placed on hold by a New York federal judge after facing objections from the U.S. government. Its parent company, on the other hand, is currently being sued by Commodity Futures Trading Commission (CFTC).

The post Binance.US Struggling to Find Banking Partner to Handle Customers’ Deposits appeared first on theprimarymarket.com.

According to Binance.US, the decision was made to offer existing and new users “an even better experience and more value.”

“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need,” Binance.US CEO Brian Shroder.

Binance.US, which is an affiliate of the world’s largest crypto exchange Binance, noted that the zero-fee policy would be extended for some other coins in the future. It also reiterated that it wouldn’t make money on no-fee transactions, unlike some rivals that offer similar deals.

This decision will most likely have a huge impact on other crypto exchanges doing business in the United States. They will now also have to take the same route or at least lower their fees to retain customers.

Coinbase, the largest cryptocurrency exchange in the United States by daily volume, is already feeling the consequences of Binance.US’ zero-fee policy. Since it was announced, Coinbase stock took a 6.63 drop to $53.59 per share.

The post Binance.US Adopts Zero-Fee Policy for Bitcoin Trading appeared first on theprimarymarket.com.

WSJ reports that Binance.US is currently using a “middleman” who is making deposits on its behalf. However, this method is seen as unsustainable due to the time needed to process the payments.

“We work with multiple U.S.-based banking and payment providers and continue to onboard new partners while upgrading our internal systems to create a more stable fiat platform and offer additional services,” a Binance.US spokesperson told WSJ.

So far, Binance.US has reportedly reached out to multiple banks that have a history of supporting crypto firms, including New Jersey-based Cross River Bank and Pennsylvania-based Customers Bancorp. However, both of the mentioned banks have declined the crypto exchange.

The main reason why the banks are reluctant to establish a banking relationship with Binance.US is the concerns about the regulatory risks that might follow.

Binance.US previously saw its acquisition of crypto lender Voyager Digital placed on hold by a New York federal judge after facing objections from the U.S. government. Its parent company, on the other hand, is currently being sued by Commodity Futures Trading Commission (CFTC).

The post Binance.US Struggling to Find Banking Partner to Handle Customers’ Deposits appeared first on theprimarymarket.com.

According to Binance.US, the decision was made to offer existing and new users “an even better experience and more value.”

“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need,” Binance.US CEO Brian Shroder.

Binance.US, which is an affiliate of the world’s largest crypto exchange Binance, noted that the zero-fee policy would be extended for some other coins in the future. It also reiterated that it wouldn’t make money on no-fee transactions, unlike some rivals that offer similar deals.

This decision will most likely have a huge impact on other crypto exchanges doing business in the United States. They will now also have to take the same route or at least lower their fees to retain customers.

Coinbase, the largest cryptocurrency exchange in the United States by daily volume, is already feeling the consequences of Binance.US’ zero-fee policy. Since it was announced, Coinbase stock took a 6.63 drop to $53.59 per share.

The post Binance.US Adopts Zero-Fee Policy for Bitcoin Trading appeared first on theprimarymarket.com.