Binance to boost investment in the traditional banking sector

Binance’s CEO confirmed that they are planning to allocate investment in banks, to push crypto-friendly environments in the traditional financial sector.

Binance is a first-ranked crypto firm, thanks to its highly secured & transparent crypto services. Over the past few years, this exchange has been winning as a first choice among pro & newbie crypto investors. 

On 29 May 2023, Changpeng Zhao (CZ), the Co-founder & CEO of the Binance exchange, appeared in an interview with the Bankless podcast. In the podcast, CZ shared the plans for the exchange amid increasing debanking incidents. 

CZ said that Binance will allocate its investment in the banking sector and the investment in this traditional financial sector will be focused to bring a better policy for the crypto firms. 

Earlier this, CZ confirmed that Binance may allocate $1 billion funds in the new & traditional financial sector, where banks acquisition might be important part.

US Banking Ban on the crypto sector

For the last 6 months, the majority of the crypto entrepreneurs reported that they are failing to get a banking partner for their new startups.

While old crypto firms reported that they are getting pressure from the banks to provide more details about the business. This situation was not only in America but also crypto businesses faced debunking issues in Australia, the EU, & UK.

 Inthe  Jan of year yet heethefinancencee exchange was debunked by the US-based banks, so Binance suspended wire USD bank deposit services for the customers. 

In Feb of this year, Binance also failed to tie up with a new banking partner, following the bankruptcy of its existing banking partner. 

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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