Binance Custody Launches Its Off-Exchange Settlement Solution Binance Mirror

Binance Custody, a dedicated custody platform separate from Binance Exchange with segregated account and wallet systems, announced the official launch of Binance Mirror, its off-exchange settlement solution enabling institutions to access trading and investment products within the Binance Exchange ecosystem without having to post collateral directly on the exchange.

According to the crypto custody platform, through Binance Mirror, institutions lock a specified amount of their asset balance available in their Qualified Wallet, Binance Custody's cold storage solution, and mirror it onto their Binance Exchange account with a 1:1 balance. As long as clients' mirrored positions remain open on Binance Exchange, their assets are held securely in their segregated cold wallets and can be settled at any time.

Athena Yu, Vice President of Binance Custody, explained: "Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Binance Mirror brings the best of both worlds. We spent much of last year refining its operations to help our clients unlock the liquidity of their assets held in our cold storage. We're very excited about where we are today and can't wait to introduce our upcoming new features that will elevate Binance Mirror's functionality even further."

Institutions can leverage their mirrored assets on Binance Exchange to access to more products, including institutional VIP loans. Collateral for loans applied for through Binance Mirror will remain segregated in their Binance Custody Qualified Wallet.

Recently, Binance is seeking to acquire the assets of Voyager​, a bankrupt crypto lender, for $1 billion, but was opposed by state securities regulators in the U.S. Last week, the deal received initial approval​ from a bankruptcy Court in New York. However, whether the deal can be finally approved depends on the vote results on a upcoming court hearing and the attitude of those state securities regulators.