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flag Binance introduces third-party custodian service for crypto assets, partnering with Sygnum and Flow banks, to address trust issues with US authorities and FTX collapse.

flag Binance has introduced a new feature for eligible customers, allowing them to use independent custodians like Swiss banks Sygnum and Flow to hold their cryptocurrency assets. flag This comes in response to traders' loss of trust in the exchange due to issues with US authorities in 2023. flag The feature aims to reduce the risk associated with leaving money on an exchange, particularly after the FTX collapse in 2022. flag Binance has been working on a triparty solution with banks for over two years, claiming that this development began before counterparty risk became prominent.

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