Binance Fund Accounts & Coinbase No-Fee Stablecoin: Crypto Exchanges Innovate

Binance Launches 'Fund Accounts' for Crypto Asset Managers

Binance, the world's largest cryptocurrency exchange, has introduced special omnibus accounts called "Fund Accounts" for digital asset managers. These accounts allow asset managers to pool their investors’ assets, mirroring the operational structure of traditional finance (TradFi) fund management. The Fund Accounts feature a universal net asset value (NAV) per unit, providing a clear and trackable profit-and-loss statement for each fund, which addresses the lack of a common market standard in crypto asset management, according to Binance.

Eligible asset managers must be licensed in their respective jurisdictions and can create multiple fund accounts, each with tailored trading strategies. Catherine Chen, Binance's head of institutional and VIP, highlighted that the infrastructure is designed to lower administrative burdens and operational tasks for managers, making it easier for newer or smaller asset managers to scale their businesses. The expected size of asset managers using these accounts ranges from about $1 million to $20 million in assets under management (AUM). For investors, trust is a key factor, with proof of reserves and transparent NAVs being essential.

Feature	Details
Account Type	Omnibus "Fund Accounts"
Target Users	Licensed digital asset managers
Assets Under Management (AUM)	$1 million to $20 million
Key Benefits	Universal NAV, reduced admin, multiple strategies

Summary: Binance's new Fund Accounts aim to bridge the gap between crypto and traditional finance by offering asset managers a familiar and efficient operational structure, targeting managers with AUM between $1 million and $20 million. (Source: CoinDesk)

Coinbase Waives Fees on PayPal’s Stablecoin to Boost Crypto Payments

Coinbase has announced it will waive fees for users redeeming PayPal’s stablecoin, PYUSD, directly for U.S. dollars. This move is part of a broader collaboration between Coinbase and PayPal to enhance crypto payments and drive innovation in decentralized finance (DeFi). The companies plan to work together on payments and DeFi innovations, aiming to make stablecoin usage more accessible and efficient for users.

This initiative comes as the U.S. Congress appears likely to pass a stablecoin bill, which could further legitimize and expand the use of stablecoins in the financial system. By removing redemption fees, Coinbase and PayPal are positioning themselves at the forefront of the evolving digital payments landscape.

Coinbase users can redeem PYUSD for U.S. dollars with no fees.
Collaboration focuses on payments and DeFi innovation.
Move aligns with potential U.S. stablecoin legislation.

Summary: Coinbase and PayPal are eliminating fees for PYUSD redemptions to U.S. dollars, aiming to accelerate crypto payments and DeFi adoption as regulatory clarity increases. (Source: Reuters)

Bitcoin Exchange Outflows Reach Two-Year High as Whales Accumulate

Recent data from CryptoQuant, reported by TradingView, shows that Bitcoin exchange 100-day average netflows are at their most negative since the start of the current bull market in 2023. This indicates the highest Bitcoin outflow from exchanges in two years, with exchange balances dropping to multiyear lows. In early April, exchange reserves hit 2.535 million BTC, down over 7% from 2.740 million BTC at the start of the year.

While retail investors are engaging in "panic selling," larger entities known as whales (holding between 1,000 and 10,000 BTC) have been accumulating Bitcoin since March, even as prices declined. Wallets holding between 10 and 10,000 BTC now control 67.77% of the total Bitcoin supply, according to research firm Santiment.

Date	Exchange BTC Reserves	Change Since Start of Year
Start of 2023	2.740 million BTC	-
Early April 2025	2.535 million BTC	-7%

Whales (1k-10k BTC) have been accumulating since March.
Retail investors are selling amid price declines.
Key stakeholders (10-10k BTC) hold 67.77% of supply.

Summary: Bitcoin is experiencing significant outflows from exchanges, with whales increasing their holdings while retail investors sell, leading to the lowest exchange balances in years. (Source: TradingView)

Bithumb Restructures for IPO Focus, Splits Business Units

Bithumb, a major Seoul-based crypto exchange, has announced a business restructuring set to take effect on July 31, 2025. The company will split into two entities: Bithumb Korea, which will focus solely on operating the crypto exchange business and seek a public listing, and Bithumb A, which will oversee venture investments, asset management, and new business initiatives. Bithumb A will consolidate the exchange’s investment arms, including Bithumb Partners and Bithumb Investment, shifting focus from NFT and metaverse projects to broader financial product investments such as bonds, equities, and convertible bonds.

Bithumb was previously considering a NASDAQ listing but now plans to list on South Korea’s Kosdaq first, with a U.S. listing as a secondary objective. The restructuring aims to ensure compliance with local regulations and better meet the evolving needs of clients and users.

Bithumb Korea: Focus on crypto exchange operations and IPO on Kosdaq.
Bithumb A: Manage venture investments, asset management, and new business, including Bithumb Partners and Bithumb Investment.
Shift in investment strategy from NFTs/metaverse to financial products.

Summary: Bithumb is restructuring to separate its exchange and investment businesses, prioritizing a Kosdaq IPO and expanding its financial product offerings. (Source: The Paypers)

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