{"id":157927,"date":"2023-12-01T11:27:12","date_gmt":"2023-12-01T11:27:12","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=157927"},"modified":"2023-12-01T11:29:24","modified_gmt":"2023-12-01T11:29:24","slug":"binance-concretizes-a-historic-tripartite-banking-agreement","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-concretizes-a-historic-tripartite-banking-agreement\/","title":{"rendered":"Binance Concretizes a Historic Tripartite Banking Agreement"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Binance<\/strong>, the world&#8217;s largest cryptocurrency <a href=\"https:\/\/crypto-economy.com\/cryptocurrency-exchange\/\" target=\"_blank\" rel=\"noopener\">exchange<\/a>,<strong> achieved a significant milestone by finalizing the world&#8217;s first <a href=\"https:\/\/www.prnewswire.com\/news-releases\/binance-pilots-banking-triparty-agreement-to-help-institutional-investors-to-manage-counterparty-exposure-302002179.html#:~:text=DUBAI%2C%20UAE%2C%20Nov.%2030,a%20third%20party%20banking%20partner.\" target=\"_blank\" rel=\"noopener\">crypto tripartite agreement<\/a> in partnership with an undisclosed bank<\/strong>. This pioneering project introduces a unique solution within the cryptocurrency space.<!--more--><\/p>\n<p style=\"text-align: justify\"><strong>The solution is strategically aligned with the needs of institutional investors<\/strong>. Part of a series of pilot projects undertaken by Binance, the initiative <strong>directly addresses the fundamental concern of counterparty risk<\/strong>, providing investors with the ability to securely allocate their crypto assets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Pushing ahead with global partnerships and institutional adoption &#8211; introducing banking triparty agreement to help institutions manage counterparty risk <a href=\"https:\/\/t.co\/VpvP8rUDtS\" target=\"_blank\">https:\/\/t.co\/VpvP8rUDtS<\/a><\/p>\n<p>&mdash; Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1730258428541517888?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">Binance&#8217;s model draws inspiration from traditional financial structures, <strong>allowing investors to optimize their collateral by securely holding assets with a trusted banking partner<\/strong>. Catherine Chen, Head of VIP and Institutional at Binance, emphasized the importance of addressing counterparty concerns, a persistent worry for institutional investors in the industry.<\/p>\n<p style=\"text-align: justify\">This approach, developed over a year of collaboration between cryptocurrency and traditional finance professionals, offers a solution that mirrors the trading behavior of traditional markets.<\/p>\n<h2>Binance to Face Heightened Regulations<\/h2>\n<p style=\"text-align: justify\">Despite this innovative achievement, <strong><a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a> is poised to confront significant regulatory challenges in the future<\/strong>. Recently, the platform reached an agreement to pay a $4.3 billion fine to U.S. regulators in a case involving alleged money laundering activities.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-157928\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/12\/binance-post-1.jpg\" alt=\"binance post\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/12\/binance-post-1.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/12\/binance-post-1-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/12\/binance-post-1-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">Changpeng Zhao (CZ), the founder and former CEO of Binance, admitted guilt in connection with these violations and is expected to face a potential 18-month prison sentence as part of the negotiated agreement with the U.S. government. Additionally,<strong> the Securities and Exchange Commission of the Philippines has intensified regulatory efforts against the exchange, alleging illegal operations in the country without the necessary licenses.<\/strong><\/p>\n<p style=\"text-align: justify\">The company also announced the <strong>cessation of support for its stablecoin BUSD<\/strong> starting from December 15th. The platform provides users with a period to withdraw or convert their BUSD balances into other assets available on the exchange. Concurrently, <strong>they decided to introduce a new stablecoin, FDUSD, with zero trading fees, offering users a transition option<\/strong>. This change aims to ensure continuity and stability for Binance users.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the world&#8217;s largest cryptocurrency exchange, achieved a significant milestone by finalizing the world&#8217;s first crypto tripartite agreement in partnership with an undisclosed bank. This pioneering project introduces a unique solution within the cryptocurrency space.<\/p>\n","protected":false},"author":34,"featured_media":157930,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4598,4601,5337],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/157927"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=157927"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/157927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/157930"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=157927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=157927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=157927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}