The problem started after the failure of Signature Bank and Silvergate Capital, two banks that served the crypto currency industry, according to The Wall Street Journal

The U.S. partner of Binance is supposedly struggling to find a bank for its customers.

The problem started after the failure of Signature Bank and Silvergate Capital, two banks that served the crypto currency industry, according to The Wall Street Journal report Sunday, citing sources familiar with the matter.

It is the latest in a series of setbacks for Binance, the world’s biggest crypto currency firm, and its U.S.-based affiliate, Binance.US.

As per The Wall Street Journal, Binance.US had earlier sent dollar deposits to Signature or Silvergate. Then during the previous month, Silvergate voluntarily liquidated itself, while regulators took over Signature in one the biggest bank failures in U.S. history. The shutdown of the lenders has left crypto firms looking for new banking partners.

In the meantime, Binance.US is using a middleman to keep money on its behalf, according to the sources. As the middleman is keeping the funds at its bank, it can slow the money moving process.

Sources tell the Wall Street Journal Binance.US has unsuccessfully tried to open direct banking relationships with banks such as Cross River Bank, New Jersey’s lender that works with crypto and FinTech firms and Pennsylvania-based Customers Bancorp.

The partnerships never took place, according to the sources, as the banks were concerned about regulatory risks.

In the previous month, there were reports that former Binance.US. Chief Executive Officer Catherine Coley had hired an attorney. According to a Reuters report, Coley did so as the government launched a probe into Binance.

That came as the U.S. CFTC charged Binance Chief Executive Officer Changpeng Zhao, Binance Holdings Limited, Binance Holdings (IE) Limited and Binance (Services) Holdings Limited with violating the Commodity Exchange Act and Commodity Futures Trading Commission regulations.

The Commodity Futures Trading Commission also charged Samuel Lim, Binance’s chief compliance officer between 2018 and 2022, with aiding and abetting these violations. Coley is not named in the Commodity Futures Trading Commission suit, according to the Reuters report.