Binance expands triparty banking network with Anchorage Digital

Binance has integrated Anchorage Digital’s Atlas platform into its triparty banking program in a move aiming to give its clients another option to trade on the exchange, while assets are kept in separately.

The arrangement lets eligible institutional and professional traders pledge collateral with Anchorage Digital, a federally chartered crypto bank supervised by the Office of the Comptroller of the Currency (OCC), while executing trades on Binance. It is the first time a crypto exchange has partnered with Anchorage’s Atlas platform.

Binance and Anchorage structure partnership

Under the triparty model, institutions will not pre-fund their Binance accounts directly, and will instead pledge collateral through Anchorage Digital and access Binance’s order books through the partnership. The collateral remains in Anchorage’s custody instead of Binance’s books.

Binance’s announcement listed several collateral types that can be pledged by eligible institutions. These include crypto assets, cash and all other equivalents to cash, yield-bearing USD accounts, and some select tokenized RWAs. The exchange named BlackRock’s BUIDL, Circle’s USYC, and Franklin Templeton’s iBENJI as examples of accepted tokenized money market funds, subject to eligibility requirements.

Why separate holdings from trading?

The FTX collapse in late 2022 exposed the potential drawbacks of having a single entity controlling both client assets and trading. Since then, large financial bodies have demanded a form of structural separation between where their money sits and where their trades happen, same as the asset holding and execution split that traditional finance has enforced for decades.

Binance first launched its triparty banking model in November 2023. The exchange has since increased the extent of the program by lowering entry thresholds and adding more banking partners, with Anchorage Digital being the latest addition to that network.

“Institutions need a crypto market structure that reflects the standards they already rely on in traditional finance,” Nathan McCauley, Anchorage Digital’s co-founder and CEO, said in the announcement.

Anchorage supported by regulatory bodies

Anchorage Digital is supported with a federal bank charter from the OCC, making it the first crypto-native firm to receive that designation. The company also launched its Coordinated Multiparty Settlement platform on June 1, 2026, which is aimed at building infrastructure specifically for institutional trading with assets held in Anchorage’s custody.

Catherine Chen, Binance’s head of VIP and institutional services, stated that the exchange was focused on building infrastructure to help professional traders with access to crypto services alongside the protections seen in traditional markets.

She described the Anchorage partnership as another pathway for eligible clients to reach Binance liquidity through a model “more familiar to traditional financial markets,” per the announcement.

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