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🇨🇭 The City of Lugano has partnered with Swiss Universities to offer Summer #bitcoin program. 🎓
#Binance #crypto2023 #BTC #swiss
#Binance #crypto2023 #BTC #swiss
Switzerland's City of Lugano now accepts #Bitcoin for taxes, fines and other invoices. #Cryptocurency #swiss
Binance Elevates Crypto Custody with Strategic Swiss Bank Partnerships
In response to mounting concerns over counterparty risk within the cryptocurrency industry, Binance, a leading global exchange, has taken a significant step by collaborating with Swiss banking institutions. This strategic shift aims to bolster security and stability for users, particularly meeting the needs of high-profile traders. Binance's departure from its previous practice of limiting asset storage to the exchange or its institutional custody partner, Ceffu, allows select traders the option to entrust their assets with renowned Swiss banks, including Sygnum Bank and Flow Bank. This move comes amid a rising demand for regulated and secure banking options, accentuated by the fallout from the FTX collapse in 2022, which resulted in a loss of $9 billion in funds.
Binance's adaptation to offer custodial services through Swiss banks comes at a time when the exchange faces substantial regulatory scrutiny. The Commodity Futures Trading Commission (CFTC) recently imposed a $2.7 billion fine on Binance for derivatives trading violations. Simultaneously, former CEO Changpeng 'CZ' Zhao is navigating a legal battle with regulators, with his sentencing scheduled for February. In contrast, Sygnum Bank, one of Binance's chosen Swiss banking partners, exhibits considerable growth and stability, having recently completed a successful funding round, raising $40 million. This financial boost is set to fuel Sygnum's expansion and innovation in providing regulated products and services.
The strategic move by Binance, coupled with Sygnum Bank's growth, reflects a broader trend in the cryptocurrency sector towards increased regulation, institutional involvement, and heightened security measures. This shift, addressing a key concern among traders and investors in the crypto space, is anticipated to bring a higher level of trust and reliability to the market.
#Write2Earn #BTC #BinanceMissions #Swissbank #swiss $BTC $WBTC $BNB
In response to mounting concerns over counterparty risk within the cryptocurrency industry, Binance, a leading global exchange, has taken a significant step by collaborating with Swiss banking institutions. This strategic shift aims to bolster security and stability for users, particularly meeting the needs of high-profile traders. Binance's departure from its previous practice of limiting asset storage to the exchange or its institutional custody partner, Ceffu, allows select traders the option to entrust their assets with renowned Swiss banks, including Sygnum Bank and Flow Bank. This move comes amid a rising demand for regulated and secure banking options, accentuated by the fallout from the FTX collapse in 2022, which resulted in a loss of $9 billion in funds.
Binance's adaptation to offer custodial services through Swiss banks comes at a time when the exchange faces substantial regulatory scrutiny. The Commodity Futures Trading Commission (CFTC) recently imposed a $2.7 billion fine on Binance for derivatives trading violations. Simultaneously, former CEO Changpeng 'CZ' Zhao is navigating a legal battle with regulators, with his sentencing scheduled for February. In contrast, Sygnum Bank, one of Binance's chosen Swiss banking partners, exhibits considerable growth and stability, having recently completed a successful funding round, raising $40 million. This financial boost is set to fuel Sygnum's expansion and innovation in providing regulated products and services.
The strategic move by Binance, coupled with Sygnum Bank's growth, reflects a broader trend in the cryptocurrency sector towards increased regulation, institutional involvement, and heightened security measures. This shift, addressing a key concern among traders and investors in the crypto space, is anticipated to bring a higher level of trust and reliability to the market.
#Write2Earn #BTC #BinanceMissions #Swissbank #swiss $BTC $WBTC $BNB
