Binance can’t find a banker in the US anymore

Crypto companies are finding it increasingly difficult to find bankers willing to do business with them in both the UK and the US. The latest victim is the world’s largest crypto company Binance, which used to bank with Signature and Silvergate. As both these banks collapsed during the March banking crisis, Binance needed to find a new financial partner, but has so far failed.

Chinese manager

It was the American business newspaper Wall Street Journal that broke the news this weekend. Binance, the largest crypto platform in the world, no longer seems to find a banker in the United States. Although the situation was foretold (we predicted this as well) it is still remarkable given that Binance is so widely entrenched, has worldwide customers and has always worked with a licensed auditor.

CEO Changpeng Zhao’s company is increasingly encountering difficulties in its path in the US, just like many other companies with a Chinese manager or companies with Chinese origins. Tiktok and Huawei have previously experienced difficulties in both the US and UK. In Europe the situation remains slightly different and people are still willing to do business with the largest nation in Asia.

HSBC

The bankruptcy of Signature bank and Silvergate, both the largest crypto banks in the US, has made it difficult for many companies there to find bankers. Ever since the takeover of the English part of Silicon Valley Bank by HSBC, the United Kingdom has also been very critical when it comes to banking for crypto companies.

In a way, all this is of course good news for Europe where both bankers in France and Switzerland seem to welcome the many tech and crypto companies as new customers.

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