The U.S. unit of cryptocurrency platform Binance is trying to find a bank to handle its customers’ cash following the bankruptcy of Signature Bank last month, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

Previously, deposits were sent to either Signature Bank or Silvergate Capital, both considered crypto-friendly banks.

But after both banks went bankrupt, Binance is scrambling to find a new banking partner, according to a WSJ article.

Binance.US uses at least one intermediary to hold funds, the article said, adding that because money is held by a third party, sending and moving funds is slowed down.

The company has tried unsuccessfully to build relationships with Cross River Bank and Customers Bancorp, but the banks are reluctant due to concerns about regulatory risk.

All three companies did not immediately respond to Reuters’ request for comment after hours.

“We work with several US banking and payment providers and continue to attract new partners as we upgrade our internal systems to create a more stable fiat platform and provide additional services,” a Binance.US spokesperson told WSJ.

Last month, the Commodity Futures Trading Commission (CFTC) sued Binance, along with its CEO and former chief compliance officer, alleging that the company operates an “illegal” platform and a “bogus” compliance program.

Since the lawsuit was announced, investors have withdrawn $1.6 billion from Binance. (News.ro)

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