Binance.US, the American arm of the world’s largest cryptocurrency exchange by trading volume, has announced its collaboration with crypto custody firm Fireblocks to bolster its security and compliance measures. This integration, announced on Wednesday, will see Fireblocks’ wallet technology utilized for managing digital assets, custody operations, customer deposits, withdrawals, and staking services.
Fireblocks’ advanced key-management system will support Binance.US in expanding its staking services, which already features a broad selection of tokens for a U.S.-based platform. The partnership aims to strengthen the platform’s security infrastructure, aligning with regulatory demands for enhanced transparency and protection of user assets.
Established in 2019, Binance.US has faced significant regulatory scrutiny, particularly following a sweeping enforcement action last year targeting Binance and its founder, Changpeng Zhao. The Securities and Exchange Commission (SEC) criticized Binance.US in March for not fully complying with requests related to customer assets, including custody and control of private keys.
Christopher Blodgett, COO of Binance.US, highlighted the significance of integrating Fireblocks technology: “As part of our continuous efforts to improve our exchange infrastructure and enhance the Binance.US user experience, we are excited to integrate Fireblocks to expand our custody offerings and introduce new wallet solutions”.
Fireblocks’ infrastructure, renowned for its high level of security and operational efficiency, is also used by other major crypto players, including Coinbase International Exchange, Revolut, and Crypto.com. This technology supports various functions such as digital asset custody, transfers, and wallet management for institutions.
Michael Shaulov, CEO of Fireblocks, said in a statement, “Our wallet infrastructure provides the highest level of security and operational efficiency, which aligns perfectly with Binance.US’s commitment to protecting customer assets.”
