Binance TH Chooses Ceffu as Custodian to Safeguard User Funds

2024-06-04  •  3 min read

We’re excited to announce our partnership with Gulf Binance (“Binance TH”), the Thailand entity of Binance acting as a cryptocurrency exchange and brokerage platform. Reflecting their trust in Ceffu’s institutional custody services, Binance TH uses our cold storage solution Qualified Wallet to store at least 90% of its users’ assets at all times.

Supporting our clients’ regulatory compliant needs

Powered by institutional-grade multi-party computation technology, our cold storage Qualified Wallet solution serves as a suitable solution for clients like Binance TH who are mandated to uphold stringent security protocols, maintain sufficient liquidity and guarantee continuous protection of their users’ assets and data by local regulatory authorities. 

Here’s how Qualified Wallet addresses all the aforementioned requirements: 

  • Distributed key management: Compliance with FIPS 140-2 is achieved through storage of key shares on distributed devices that are geographically air-gapped, maximizing security and reliability.

  • Threshold signing scheme: Ceffu’s multi-party computation (MPC) mechanism necessitates M key shares for signing, and verification from N key shares in order to authenticate a transaction. This secure procedure is conducted entirely offline.

  • Zero-trust security: Adhering to a zero-trust security model, each digital interaction is independently verified, ensuring no unnecessary trust is placed in any single interaction.

  • On-chain visibility: Ceffu provides institutional clients with dedicated on-chain wallet addresses, ensuring real-time tracking of assets.

  • Custom governance controls: Ceffu enables institutional clients to set specific roles for each team member with access to their crypto wallet, which, based on the assigned role, limits or grants various permissions. Learn more.

“Prioritizing user protection, we aim to integrate unmatched security measures into Binance TH. With Ceffu's industry-standard custody solutions reinforcing our strategic vision, we are strategically positioned to shape a sustainable future for the industry in Thailand.” – Nirun Fuwattananukul, CEO, Binance TH by Gulf Binance

“Thailand has witnessed substantial crypto adoption over the past year, and we're excited to support this growing confidence in the industry by providing our custody services to Binance TH. Crypto custody has never been more important to ensure users can continue gaining exposure to digital assets with complete peace of mind.” – Ian Loh, CEO, Ceffu

Not a Ceffu client yet?

Contact us to learn more about how Ceffu’s custody and liquidity solutions can help drive your business forward, contact us using our institutional form.

About Binance TH by Gulf Binance

Gulf Binance Co., Ltd., is a joint venture between Gulf Innova Co., Ltd. - a subsidiary of Gulf Energy Development, one of the largest conglomerates in Thailand and Binance Capital Management Co., Ltd., (“Gulf Binance”). It is a SEC-regulated digital asset exchange operator. Gulf Binance provides Thai users with access to a trusted and regulated platform that leverages cutting-edge blockchain technology. 

About Ceffu

Ceffu is a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC Type 1 & Type 2 attested. Its multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions allowing institutional clients to safely store and manage their digital assets.

Institutions may also benefit from Ceffu’s secure gateway to a wide range of liquidity products within the Binance ecosystem. This can be achieved through MirrorX, our off-exchange settlement solution, provided in partnership with Binance.

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