Binanceโs cryptocurrency custody platform Ceffu on Wednesday said clientsโ digital assets in cold wallets are never commingled as the custody platform maintains segregated accounts and wallets.
The move comes as Reuters onceย more accused the worldโs largest cryptocurrency exchange of commingling user funds in accounts held at Silvergate Bank.
Nonetheless, Binanceย Cryptoย exchange executives completely rejected the report claiming the story to be false and weak. Inย theย meantime, Binanceย Cryptoย exchange CEO โCZโ completely ignored the report and kept him busy with Bitcoinย (BTC) Pizza Day.
Ceffu Never Mix Customer Funds in Cold Wallets
Binanceโs institutional custody solution Ceffu took to Twitter to clarify its institutional clients that the custody platform operates on segregated account and wallet systems. Consequently, clientsโ 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 Binanceย exchange account at a 1:1 ratio. Inย reality, the โassets remain in their cold wallet on Ceffu at all times.โ
Ceffu enables clients to trade cryptocurrency assets on Binanceย Cryptoย exchange exchange from the security of their cold wallet. It is the only institutional custodian integrated with Binance.
โOur solutions are ISO 27001/27701 certified, SOC 2 Type 1 & Type 2 attested, and receive periodic security examinations, demonstrating our commitment to investment and information security and data privacy. Our cold wallets are likewise covered by thirdย party specie insurance.โ
Binanceโs chief communication officer Patrick Hillman and Binanceย Cryptoย exchange spokesperson Brad Jaffe confirmed that thereย is no commingling of funds through Silvergate Bank accounts.
Reuters Continues To Spread Binanceย Cryptoย exchange FUD
Binanceย Cryptoย exchange CEO โCZโ numerous times earlier refuted Reuterโs efforts to spread FUD surrounding the exchange. He revealed that the same journalist persistsย to target Binanceย Cryptoย exchange with incomplete facts and data.
In May, Binanceย Cryptoย exchange stated Reuters missed critical facts in its story about Israeli authorities seizing 190 Binanceย Cryptoย exchange cryptocurrency accounts linked to terrorist groups such as Hamas and Daesh since 2021. Earlier, Binanceย Cryptoย exchange disputed accordingย to Reutersย on weakย anti-money laundering controls by the exchange.
