The US arm of Binance, a major cryptocurrency exchange, is facing difficulties in finding a bank to manage its customers’ funds, according to the Wall Street Journal.
Signature Bank and Silvergate Capital were previously used by Binance.US, but they have stopped working with the exchange.
The company is now searching for a new banking partner after failing to establish relationships with Cross River Bank and Customers Bancorp.
Binance.US currently uses at least one intermediary to hold funds, and this could slow down the process of sending and moving money.
A Binance.US spokesperson stated that the company is collaborating with several banking and payment service providers to expand its network.
Meanwhile, the US Commodity Futures Trading Commission has filed a lawsuit against Binance Group, accusing it of numerous violations of the Commodity Exchange Act and its own rules.
Binance’s spot market share has also reportedly decreased over the past week, despite starting the year positively and dominating the market with a share of over 70% by the end of 2022.