Amid the central cryptocurrency exchanges (CEX) crisis, crypto exchange Binance is moving to improve its institutional trading services with cold-custody opportunities.On Jan. 16, Binance

revealed the official launch of Binance Mirror, an off-exchange settlement service that makes it possible for institutional financiers to invest and trade utilizing cold custody.The freshly introduced Mirror service is based on Binance Custody, a controlled institutional digital asset custodian, and includes mirroring cold-storage assets through 1:1 security held on a Binance account.Binance emphasized that the new option allows more security, enabling traders to access the exchange ecosystem without needing to publish security straight on the platform, stating: “Their possessions remain safe in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.”Launched in 2021, Binance Custody is a custodian platform with its own cold-storage options, covering safe possessions against physical loss, damage, theft and internal collusion. In March 2022, Binance Custody protected cold-wallet insurance in Lithuania to run an institutional-grade digital possession custody solution. Mirror accounts for more than 60% of all assets protected on Binance Custody. “We developed Binance Mirror last year and have been testing it with our institutional users. User feedback has been favorable, and we enjoy to announce and market it formally now,”a representative for Binance informed Pandoraland.It’s still unclear whether Binance prepares to offer comparable cold custody services to retail investors. Binance did not right away respond to Pandoraland’s ask for comment.Related: Bitcoin Core developer hack highlights self-custody dangers: Community reacts The news comes quickly after Binance experienced a huge drop in liquidity, with numerous billions of dollars worth of crypto leaving the platform

in late 2022. Theliquidity decline is largely attributed to the crisis amongst CEXs sustained by

the collapse of FTX, with investors flocking to self-custody instead of saving their properties on central platforms.Amid the growing self-custody pattern, Binance CEO Changpeng Zhao confessed that central exchanges may no longer be required eventually. In November, Binance’s equity capital arm also purchased Belgian hardware wallet firm Ngrave.