News in Brief
Binance's US arm struggles
Reuters – The U.S. arm of cryptocurrency exchange Binance is struggling to find a bank to handle its customers' cash after the failure of Signature Bank last month, the Wall Street Journal reported citing people familiar with the matter.
Previously, the deposits were sent to either Signature Bank or Silvergate Capital Corp, both seen as crypto-friendly banks. However, after both failed, the exchange is rushing to find a new banking partner, according to the report.
EV factory in Shanghai
AP – Electric car maker Tesla Inc. plans to build a factory in Shanghai to produce power-storage devices for sale worldwide, state media reported Sunday.
Plans call for annual production of 10,000 Megapack units, according to the Xinhua News Agency and state television. They said the company made the announcement at a signing ceremony in Shanghai, where Tesla operates an auto factory.