Ceffu withdraws $263.8M in BTC, ETH from Binance

On Aug. 24 Ceffu deposited 136.54 million USDC onto Binance and then moved 1,524 BTC (about $117.89 million) and 59,484 ETH (about $145.92 million) off the exchange. The transfers took place within roughly 30 minutes and had a combined value of about $263.8 million.

The assets were sent from Binance’s exchange balance to addresses publicly linked to Ceffu. Ceffu is the rebranded entity formerly known as Binance Custody and serves as Binance’s institutional custody partner, providing segregated cold storage and settlement services for large clients.

A similar sequence was observed in July, when roughly 3,000 BTC, valued at about $192 million, moved from Binance to a Ceffu address in 12 transfers spread over 30 days.

Ceffu’s custody infrastructure uses multi-party computation technology and a customizable multi-approval scheme. The firm expanded its institutional presence this year, including a role as the institutional custody partner for the EOS Network’s advanced custody and CeDeFi offering.

The withdrawal occurred during a week when bitcoin posted strong price gains. For the week that included the transfers, bitcoin rose about 22% and traded above $77,000. That week also saw an announcement by U.S. Treasury Secretary Scott Bessent on plans to at least double the size of long-dated bond buybacks and a meeting between President Donald Trump and crypto industry executives in which the Clarity Act was discussed. Over a three-day span around the rally, traders unwound roughly $3 billion in leveraged bearish bitcoin bets and liquidations across crypto assets reached about $4.5 billion.

Binance and Ceffu have not disclosed whether the withdrawal was a single client settlement or a broader custody rebalancing. Binance and Ceffu did not respond to requests for comment.