BinanceUS Teams Fireblocks to Strengthen Asset Security

BinanceUS, the American division of the world’s largest cryptocurrency exchange, has teamed up with the digital asset custody company Fireblocks.

This partnership is intended to boost user and regulatory confidence by ensuring the secure handling of customer assets through advanced wallet technologies for both storage and transactions. Fireblocks will also enhance the staking services offered by Binance.US, which boasts a robust selection of tokens available for staking, notable for a US-based exchange.

As regulatory scrutiny on security and compliance increases, Fireblocks CEO Michael Shaulov emphasized the importance of leveraging technology that meets regulatory demands without compromising user experience.

According to him, the exchange’s integration of Fireblocks’ wallet infrastructure ensures robust custody operations that align with regulatory expectations. Additionally, this integration allows the exchange to enhance its staking operations, making them secure and efficient, thereby improving the overall user experience for token staking and reward earning.

Binance.US Loses Licenses Due to Founder’s Legal Woes
Lately, more and more U.S. states have opted to terminate or not renew the money transfer licenses of Binance.US (BAM Trading Services Inc.), operated by CZ Zhao, mainly due to regulatory concerns and legal complications surrounding him.
As an analyst, I’ve just learned that the North Dakota Department of Financial Institutions has taken action against BinanceUS by revoking their money transmitter license. This decision was made due to non-compliance with state laws. Interestingly, Changpeng Zhao, who holds a majority beneficial stake and control in the company, admitted guilt for felony charges related to breaches of U.S. anti-money laundering regulations.
At present, Zhao is incarcerated for four months due to Binance’s agreement with the US Department of Justice (DOJ). He acknowledged violations of the Bank Secrecy Act. In accordance with the plea bargain, Binance must pay a total of $4.3 billion in fines and penalties. Originally, the DOJ had aimed for a three-year sentence for Zhao.
Different crypto users voiced diverse perspectives regarding the verdict. At first, the market showed signs of disapproval, yet some experts proposed that the detention of CZ Zhao might have a limited effect.
According to a recent evaluation, there’s a possibility that the BNB price might reach $600 due to Changpeng Zhao’s upcoming announcement. This prediction is based on BNB showing signs of a potential double-bottom reversal within a broadening wedge. The positive news includes Tokocrypto obtaining the PFAK license in Indonesia, and the expected release statement from Binance’s former CEO Changpeng Zhao. Additionally, the surge in trading volume and regulatory achievements are helping to increase investor trust in BNB.
Stricter regulations by world governments usually create a sense of pessimism in the cryptocurrency market, adding to its volatility. The conviction of CZ served as a reminder of the increasing regulatory scrutiny, affecting investors’ perceptions about the market’s future stability and possible interventions.