The American affiliate that has the same name with the globe's biggest crypto exchange, Binance.US, has united the Silvergate Exchange Network (SEN), a 24/7 rapid settlement network used by several of the biggest trading entities in the space.
SEN, which is replacing clunky wire transactions by letting corporates immediately move USD among crypto exchanges also on nights and weekends, saw its volume raise $7.8 billion to $17.4 billion in the first quarter, according to a current Silvergate Bank profits call.
Right now existing members of Silvergate’s SEN payment system include Gemini, Kraken, and ErisX.
“We’ve launched SEN for our corporate clients so now they’re able to move dollars through Silvergate around the clock instantaneously,” Binance.US founder Catherine Coley told in a discussion.
“It’s a huge advantage for clients that are trying to get funds into Binance.US to be able to buy and sell cryptocurrencies, and we’re excited to see the impact on the rest of our liquidity.”
Coley told that all the API integrations with SEN had gone easily, having managed testing with about a dozen or so customers.
“We’ve seen about five times the growth of their current trading behaviors on the platform by just the testing of SEN,” she said.
Binance.US has been operating effectively, jumping through several regulatory hoops to come to this point. The firm had also been working with Nevada-based Prime Trust, which continues a dollar custody solution for retail clients of Binance.US, Coley told.
“We are thrilled to welcome Binance.US to our rapidly growing Silvergate Exchange Network,” Alan Lane, Silvergate CEO, said in an announcement. “We are confident the SEN will accelerate their vision and bring value to their business.”
Binance.US’s connection with Binance, the octopus-like crypto conglomerate of global partnerships and affiliations, has been the topic of some scrutiny. In a fresh Forbes news, the U.S. division was claimed to be little more than a kind of regulatory trick.
“Binance.US has from day one, operated as a regulated entity and we’re fully compliant both at a federal and a state level,” told Coley. “We focus heavily on our BSA [Bank Secrecy Act] and AML [anti-money laundering] program.”
A good part of being in SEN, told Coley, is that this way many businesses can use Binance.US that has been blocked from using the exchange presently.
She told: “Now we have SEN, this is unlocking a lot of access for folks that have been wanting to work with but haven’t been able to because we were not kind of operating in their style.”
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