Ceffu, which began operations in 2021, provides custody and liquidity services for corporate entities. According to Ki Young Ju, CEO of blockchain firm CryptoQuant, deposits of cryptocurrency to centralized exchanges often indicate selling intentions.
The Lookonchain team suggests that Ceffu’s BTC transfers to Binance since the beginning of this month likely indicate institutional selling of Bitcoin.

Arkham Intelligence records show that Ceffu’s most recent deposit to Binance was 121.1 Bitcoin, made today at around 09:45. The company’s wallet currently holds:

Total crypto assets worth $2.52 billion
$1.02 billion in BTC
$480 million in Ethereum (ETH)
Various other cryptocurrencies

The Binance Connection Mystery

Ceffu, established in December 2021, initially entered the market as Binance Custody. The U.S. Securities and Exchange Commission (SEC) has suggested that the connection between Binance.US and Ceffu may violate regulations.

In February 2023, Binance Custody rebranded as Ceffu. Despite the company’s claims of no longer being associated with Binance, the relationship between Ceffu and Binance remains unclear.

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The post Mysterious Binance-Linked Company Sells $200 Million Worth of Bitcoin appeared first on Coin Engineer.

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According to a report by the Financial Times, Binance’s new service will allow large investors to hold their crypto assets in independent banks. Eligible customers will be able to transfer their assets to trusted banks such as Sygnum and Flow Banks, leading banking institutions based in Switzerland. Binance will offer a more secure storage option by transferring customers’ funds to these banks, while asset trading transactions will only be carried out through Binance or Ceffu.

The sudden collapse of FTX (Binance)

The sudden collapse of FTX in 2022 raised concerns about the security of funds held on exchanges among crypto investors. In the wake of this event, traders and investors began to question the risks of funds on exchanges more. Independent custodians are subject to stricter regulatory oversight than exchanges, and it is emphasized that funds are safer in these types of organizations.

Binance has been working on this new custody solution for over two years. According to exchange officials, this development started before the FTX collapse and was launched at a time when counterparty risks were becoming apparent. However, Binance refrains from providing more details about the banks with which it cooperates. This new service aims to strengthen Binance’s reputation in the cryptocurrency market by offering its customers more security and flexibility.

The post Binance Offers Independent Custody to Large Customers appeared first on Coin Engineer.