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Newly Launched Binance Mirror to Provide Off-exchange Settlement Solution

Binance

Major cryptocurrency exchange Binance has recently announced the release of Binance Mirror, an off-exchange settlement option for institutional clients, under its custody company.

Institutional investors can practically lock collateral by linking their approved cold wallet to Binance Custody. The assets from their cold wallet will then be mirrored on their Binance exchange account, hence the name “Binance Mirror.”

As long as the mirror position is open on the Binance exchange, which can be resolved at any time, Binance stresses that the assets in the cold storage will be kept secure. The cryptocurrency exchange further stated that assets kept in Binance Mirror “account for more than 60% of all assets secured on Binance Custody.” The last quarter of 2022 saw substantial growth for Binance Mirror, according to the exchange.

Institutional investors can access the broad range of offerings on the Binance exchange as well as “institutional VIP Loans” by utilising the mirror service. Institutions want top-notch security but also “the deep liquidity that the Binance Exchange offers,” according to Binance Custody’s Vice President Athena Yu.

Binance Mirror was released after the exchange received approval in seven European Union nations. The company most recently became a member of an organisation of licenced sanctions experts at the beginning of 2023. Binance Custody, a subsidiary of Binance that offers segregated accounts and wallet solutions, was established in December 2021.

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