Casa CEO Warns Of Binance's 'Abnormal' Activities, Urges Users To Withdraw Funds

Bitcoin BTC/USD self-custody firm CASA CEO Nick Neuman on Thursday voiced concerns regarding what he said are unusual activities surrounding global cryptocurrency exchange Binance and its U.S. affiliate Binance.US.

Stressing the criticality of self-custody in wealth management, Neuman urged individuals to take charge of their assets.

These revelations are set to be a hot topic at the upcoming Benzinga Future of Digital Assets conference on Nov. 14, where experts will delve deeper into the rapidly evolving crypto landscape.

Drawing parallels to last year's unraveling of firms like FTX and Celsius CEL/USD, Neuman noted how many members transferred their assets to Casa vaults for enhanced security.

The focus of his message, however, was on the mounting concerns surrounding Binance and its U.S. affiliate, Binance.US.

Over the past months, multiple reports have surfaced casting a shadow over Binance's operations, he said. 

From the halting of a Binance stablecoin by crypto firm Paxos to accusations of Binance commingling customer funds with company revenue, and even banks restricting Binance's access to the U.S. banking system.

Benzinga has contacted Binance for comment on Neuman's remarks. 

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Other concerns involve Binance's decision to exit the Netherlands amid potential investigations in France and Binance CEO Changpeng Zhao, facing a possible indictment in Brazil.

Neuman said that while it's hard to pinpoint the exact situation at Binance, the signs seem "abnormal." 

He urged members to be cautious, suggesting there might be more to the story than meets the eye. 

He further advised Binance.US customers on how to reclaim their funds, especially with the recent halt in direct dollar withdrawals.

Further, he reinforced the mantra, "not your keys, not your coins."

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