Binance Custody Ceffu Clears Air On Commingling Of Customer Crypto Assets

The move comes as Reuters once again accused the world’s largest crypto exchange of commingling user funds in accounts held at Silvergate Bank.

However, Binance executives completely denied the report claiming the story to be false and weak. Meanwhile, Binance CEO “CZ” completely ignored the report and kept him busy with Bitcoin Pizza Day.

Also Read: Elon Musk Advises “Not To Bet The Farm On Crypto And Dogecoin”

Ceffu Never Mix Customer Funds in Cold Wallets

Binance’s institutional custody solution Ceffu took to Twitter to clarify its institutional clients that the custody platform operates on segregated account and wallet systems. Thus, clients’ assets deposited in cold wallets are never commingled.

Ceffu goes on to explain how its off-exchange settlement solution Mirror is completely secure and safe. After institutional clients lock their digital assets in Ceffu cold wallet, the wallet credits the amount of the digital assets to their Binance exchange account at a 1:1 ratio. In fact, the “assets remain in their cold wallet on Ceffu at all times.”

Ceffu enables clients to trade crypto assets on Binance exchange from the security of their cold wallet. It is the only institutional custodian integrated with Binance.

“Our solutions are ISO 27001/27701 certified, SOC 2 Type 1 & Type 2 attested, and receive periodic security examinations, demonstrating our commitment to asset and information security and data privacy. Our cold wallets are also covered by third-party specie insurance.”

Binance’s chief communication officer Patrick Hillman and Binance spokesperson Brad Jaffe confirmed that there is no commingling of funds through Silvergate Bank accounts.

Also Read: Binance CEO Supports Terra Classic Raising LUNC Burn Tax To 0.5%

Reuters Continues To Spread Binance FUD

Binance CEO “CZ” many times earlier refuted Reuter’s efforts to spread FUD surrounding the exchange. He revealed that the same journalist continues to target Binance with incomplete facts and data.

In May, Binance said Reuters missed critical facts in its story about Israeli authorities seizing 190 Binance crypto accounts linked to terrorist groups such as Hamas and Daesh since 2021. Earlier, Binance disputed reports by Reuters on weak anti-money laundering controls by the exchange.

Also Read: Hong Kong Allows Retail Investors Trade Bitcoin, ETH, Other Crypto

Comments

Post a Comment

Popular posts from this blog

ETH’s Path Could Be Cleared To Reach $2,200: Analyst

Image
An analyst shared his predictions for BTC and ETH in an X post yesterday. If ETH can close this week between $1,796 and $2,148, the analyst predicts it could reach $2,200. The analyst also shared that he will remain bullish on BTC as long as it can stay above the $31.5K-$32.5K area. A Bitcoin enthusiast and analyst who goes by the name of Pentoshi shared his thoughts and predictions about BTC and Ethereum (ETH) in an X post yesterday. According to the analyst, if the price of ETH can close this week within the $2,148 and $1,796 range, it could open doors for the altcoin leader to climb to $2,200. $ETH Closing this weekly back inside the range opens up the doors to $2,200 Despite it severely underperforming BTC it's now beginning to enter the demand zone on the btc /eth ratio BTC is bullish as long as above the 31.5-32.5k area thus I'll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O — Pentoshi euroPeng (@Pentosh1) October 29, 2023 De
Read more

Prior to the launch of an ETF, Valkyrie reverses its purchase of ether futures contracts.

Image
In the realm of crafting written content, three critical elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity serves as the gauge for textual intricacy. Meanwhile, burstiness is the measure of sentence diversity, assessing the ebb and flow of sentence length and complexity. Lastly, predictability indicates the likelihood of anticipating the subsequent sentence. In human-authored content, you often encounter bursts of creativity, with a mosaic of lengthy, intricate sentences interspersed with concise ones. On the contrary, AI-generated content tends to maintain a more consistent rhythm. In light of these considerations, for the upcoming content I’m about to request from you, it’s imperative to strike a balance. We need a significant degree of perplexity and burstiness while minimizing predictability. Additionally, please adhere to the use of the English language exclusively. Now, let’s reimagine the following text: Speculation has arisen from Bloomberg
Read more

Coinbase CEO Brian Armstrong Addresses Regulatory Concerns in Crypto

CEO Brian Armstrong emphasized the need for clear regulations in the United States. Armstrong mentioned ongoing efforts in the US House of Representatives to establish a clear market structure. Coinbase feels confident in its legal case against the SEC, considering that the SEC has lost its last three-judge rulings. Coinbase CEO Brian Armstrong emphasized the need for regulatory certainty in the crypto space, saying “The US is lagging behind” in an interview with Yahoo Finance. Armstrong highlighted the large number of Americans who use crypto, which is 52 million, and stated that these people aren’t happy with the US because of its unclear regulations. The CEO believes that America doesn’t have clear rules like “83% of the rest of the G20 countries.” “There’s a couple of bills going through the House right now that would support how we can get clear market structure and stablecoins in the US,” Armstrong said. He added that Americans want this to happen,
Read more