1. What is Binance Custody?
Binance Custody is a standalone, secure, regulated, and insured custody service for the safekeeping of virtual assets. Binance Custody is provided by Binance UAB, a Lithuanian-registered entity.
2. Is Binance Custody regulated?
Yes, Binance UAB is registered with the Registry of Legal Entities of the Republic of Lithuania and local FIU as a crypto wallet service provider, which allows it to provide custody and trading services for virtual assets.
3. Are Binance Custody assets insured?
Yes, Binance Custody maintains specie insurance coverage by Arch syndicate at Lloyd’s of London. . Bespoke insurance coverage based on various user requirements are also available upon request.
4. How long will the onboarding process take?
This mostly depends on how soon you can provide relevant information for onboarding and KYC/KYB. The onboarding completion can take as little as 2-3 days, or as long as 2 weeks.
5. Will I be able to get dedicated wallets, or will my assets be commingled with other users’ assets?
Using our Qualified Wallet service, each user will have fully segregated wallets to manage their funds.
6. Do you onboard both corporate and retail users?
At the moment, we only onboard corporate users. The current Binance Custody platform is an institutional-grade virtual asset custody service that is specially designed to cater to the needs of corporate users.
7. What are the fees for Binance Custody?
Binance Custody charges an annual fee based on assets under custody. Network fees are applicable for all withdrawals, and processing fees are applicable for withdrawals outside of Binance. Please refer to https://binanceinstitutional.com/ltu/en/fee for more details.
8. Is there a minimum asset under custody requirement before I can onboard with Binance Custody?
Yes, there is a minimum €1,000,000 asset under custody requirement.
9. What virtual assets does Binance Custody support?
Binance Custody currently supports BTC, ETH, BNB, LTC, BCH, XRP, and a host of other ERC-20 and BEP-20 tokens, including top stablecoins and DeFi tokens. We add additional networks and tokens regularly and can support specific tokens upon request.
10. How do I sign up for Binance Custody?
If you would like to open an account, please reach out to firstname.lastname@example.org.
11. What are the benefits of using the Custody convert portal?
Binance Custody Cold Convert allows users to seamlessly trade crypto to crypto pairs from the security of cold storage. Users enjoy zero counterparty risk and customized slippage tolerance without compromising on security.
12. How does Binance Mirror work?
Lock your assets in cold storage with Binance Custody and receive a 1:1 availability of cold storage funds on the exchange.