A letter from Nick: Why we’re keeping an eye on Binance.US
Dear Casa members,
Self-custody is about controlling your own wealth. As Casa co-founder and CEO, I believe the most qualified person to protect your wealth is you.
This time last year, we watched as FTX, Celsius, and other companies unraveled in spectacular fashion. Many of our members were able to act quickly and move their assets safely to Casa vaults. We are grateful to have helped so many members save their money, and the feeling has been mutual.
“I would have lost so much more on Celsius if I didn't have Casa," said one Casa member.
Another member told us how he felt like he was the last person out of the door at his exchange. Taking action now can make all the difference, and we built Casa for this moment.
I write to you now because we see a disconcerting pattern unfolding with Binance and its affiliate Binance.US. In recent months, we have seen the following reports:
- Feb. 13: Crypto firm Paxos ordered to stop issuing Binance stablecoin (The Verge)
- May 23: Crypto giant Binance commingled customer funds and company revenue, former insiders say (Reuters)
- June 5: SEC files 13 charges against Binance entities and founder Changpeng Zhao (SEC)
- June 9: Banks are cutting off Binance’s access to U.S. banking system, exchange says (CNBC)
- June 16: Binance to quit the Netherlands and faces investigation in France (The Guardian)
- Oct. 10: Binance CEO Changpeng Zhao, other exchange leaders at risk of Brazil indictment (Bloomberg)
- Oct. 17: Crypto giant Binance's US affiliate halts direct dollar withdrawals (Reuters)
- Oct. 19: FTX used billions in customer funds to buy back Binance stake (CoinDesk)
We can't speculate about what is happening at Binance. We would love to believe everything’s fine and funds there are safe. However, we can tell you what we’re hearing about Binance is abnormal. When it comes to exchanges, don’t wait around to find out whether there’s fire behind all that smoke.
It’s easy to avoid being caught in third-party chaos — take self-custody of your assets with your Casa vault. That way, you’re always in control.
How Binance.US customers can claim their funds
We always recommend withdrawing funds to self-custody under normal circumstances. Because you can no longer withdraw USD on Binance.US, you will need to convert any USD balance to another asset to withdraw. Here’s a helpful guide that provides step-by-step instructions to send funds from your Binance.US account to your self-custodial Casa vault.
As a reminder, we recently launched ethereum vaults. If you have been holding ETH on exchanges, you can now secure those funds with Casa.
Casa is here to help you down the path to self-custody. If you need help with withdrawing funds from Binance.US or any other exchange, you can contact us at email@example.com or you can schedule a 1-on-1 video support session for extra clarity and peace of mind.
We want to remind you it is easy to worry in times of confusion and market turmoil. We are not sharing this information to alarm you but to keep you duly informed. Remember: not your keys, not your coins. Self-custody is one thing you can count on to protect against systemic risk, and we’re here to help you do that safely.
Casa co-founder and CEO
See how easy self-custody can be
Casa helps investors take self-custody of their assets with multiple keys for greater protection against hacks, theft, and custodial risk. With a Casa vault, you can own your bitcoin and ethereum fair and square and have full peace of mind.