Ceffu Pulls $263 Million in Bitcoin and Ethereum off Binance in 30 Minutes

A Familiar Custody Pattern Repeats

Onchain sleuths reported that Ceffu deposited 136.54 million USDC into Binance before pulling 1,524 $BTC (worth $117.89 million) and 59,484 ETH (approx. $145.92 million) off the exchange within half an hour. Ceffu was rebranded from Binance Custody and now operates as Binance’s institutional custody partner, offering large investors segregated cold storage and settlement services.

This is not the first time Ceffu has moved large sums between the two platforms, as in July, 3,000 $BTC (worth roughly $192 million) was moved from Binance to a Ceffu address across 12 separate transfers over 30 days.

Ceffu’s custody infrastructure is built on multi-party computation technology paired with a customizable multi-approval scheme, and the platform has expanded its institutional footprint this year through partnerships such as its role as the institutional custody partner in EOS Network’s advanced custody and CeDeFi offering.

Timing Coincides With Bitcoin’s Biggest Rally in Three Years

The withdrawal landed in the middle of bitcoin’s strongest weekly performance since March 2023, with the asset up roughly 22% for the week after U.S. Treasury Secretary Scott Bessent announced that the department would at least double the size of its long-dated bond buybacks, a move that lowered yields and revived appetite for risk assets.