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Binance breach raises custody questions for crypto infrastructure
CNBC Technology reports that a breach at Binance has moved custody, the practice of holding customers' assets on their behalf, to the centre of the crypto infrastructure debate. Binance is a cryptocurrency exchange and finance company based in the United Arab Emirates.
What CNBC Technology reports
According to CNBC Technology, the Binance breach has placed custody at the heart of the crypto infrastructure trade. Custody describes an arrangement in which a company safeguards assets belonging to its customers.
The account comes from a single outlet, and WORLDTECH does not hold further verified details about the breach itself.
Background on the company
Binance operates as a cryptocurrency exchange and finance company headquartered in the United Arab Emirates. It was founded in 2017.
Open questions
- What specifically was breached at Binance?
- How many customer assets were affected?