Binance's US arm struggles to find bank to take its customers' cash
Binance, the US arm of cryptocurrency exchange, is struggling to find a bank to handle its customers' cash after the failure of Signature Bank last month, according to the Wall Street Journal. Previously, deposits were sent to either Silvergate Capital Corp (SI.N), both seen as crypto-friendly banks, but after both failed, they have been rushed to finding another banking partner. The company has unsuccessfully tried to establish relationships with Cross River Bank and Customers Bancorp Inc, adding that banks are reluctant due to concerns over regulatory risk. All three companies did not immediately respond to Reuters' request for comment outside normal business hours.