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Binance Custody Ceffu Responds To Reuter’s FUD

Binance institutional custody platform Ceffu says it never commingled customers' crypto assets in cold wallets.
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Binance Custody Ceffu Responds To Reuter’s FUD

Binance’s crypto custody platform Ceffu on Wednesday said clients’ digital assets in cold wallets are never commingled as the custody platform maintains segregated accounts and wallets. The move comes as Reuters once again accused the world’s largest crypto exchange of commingling user funds in accounts held at Silvergate Bank.

However, Binance executives completely denied the report claiming the story to be false and weak. Meanwhile, Binance CEO “CZ” completely ignored the report and kept him busy with Bitcoin Pizza Day.

Also Read: Elon Musk Advises “Not To Bet The Farm On Crypto And Dogecoin”

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Ceffu Never Mix Customer Funds in Cold Wallets

Binance’s institutional custody solution Ceffu took to Twitter to clarify its institutional clients that the custody platform operates on segregated account and wallet systems. Thus, clients’ assets deposited in cold wallets are never commingled.

Ceffu goes on to explain how its off-exchange settlement solution Mirror is completely secure and safe. After institutional clients lock their digital assets in Ceffu cold wallet, the wallet credits the amount of the digital assets to their Binance exchange account at a 1:1 ratio. In fact, the “assets remain in their cold wallet on Ceffu at all times.”

Ceffu enables clients to trade crypto assets on Binance exchange from the security of their cold wallet. It is the only institutional custodian integrated with Binance.

“Our solutions are ISO 27001/27701 certified, SOC 2 Type 1 & Type 2 attested, and receive periodic security examinations, demonstrating our commitment to asset and information security and data privacy. Our cold wallets are also covered by third-party specie insurance.”

Binance’s chief communication officer Patrick Hillman and Binance spokesperson Brad Jaffe confirmed that there is no commingling of funds through Silvergate Bank accounts.

Also Read: Binance CEO Supports Terra Classic Raising LUNC Burn Tax To 0.5%

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Reuter Continues To Spread Binance FUD

Binance CEO “CZ” many times earlier refuted Reuter’s efforts to spread FUD surrounding the exchange. He revealed that the same journalist continues to target Binance with incomplete facts and data.

In May, Binance said Reuters missed critical facts in its story about Israeli authorities seizing 190 Binance crypto accounts linked to terrorist groups such as Hamas and Daesh since 2021. Earlier, Binance disputed reports by Reuters on weak anti-money laundering controls by the exchange.

Also Read: Hong Kong Allows Retail Investors Trade Bitcoin, ETH, Other Crypto

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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