Binance has unveiled a new triparty agreement with a third-party banking partner, becoming the first crypto exchange to do so. The arrangement allows customers to keep their collateral off-exchange with the banking partner, reducing counterparty risk. The collateral held by the banking partner will be in the form of a fiat equivalent, such as Treasury Bills. The agreement addresses concerns of institutional investors and aims to optimize their collateral and cryptocurrency investments. This development comes at a time when the crypto industry is discussing the need for a stronger regulatory framework. Binance's CEO, Changpeng Zhao, recently resigned after pleading guilty to violating federal statutes, and Richard Teng has taken over as the new CEO.
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