How the White-Label Model and Offerings Work
The core of the white-label model is a clear division of labor: the provider owns the technological rails, while the buying institution owns the customer-facing brand and interface. This means banks and brokers can plug their own logos and customer screens into a ready-made platform, while Binance or Coinbase operate the underlying trading systems, wallets, and compliance engines. This setup gives institutions control over the user experience and their client relationships, while outsourcing the complex, costly infrastructure to established experts.
Binance’s newly launched “Crypto-as-a-Service” (CaaS) provides access to its spot and futures markets, deep liquidity pools, custody solutions, and compliance tools. A key feature is “internalised trading,” which allows institutions to match orders between their own clients where possible, while still having access to Binance’s global liquidity. Coinbase offers a similar suite of services through its own institutional offering, which began its rollout earlier in June 2025. The driving idea is that clients increasingly want crypto access within their familiar banking apps, and financial institutions prefer to rent this capability rather than build it from the ground up.
On the timeline, Binance officially announced its CaaS platform on September 29, 2025, with early access for select institutions beginning on September 30 and a wider rollout planned for the fourth quarter of the year. Coinbase, having launched its service in June, has a head start in the market. The next major test for this model will be the rate of adoption by major banks and how regulators approach the implications of third-party control over key functions like custody and settlement.
Reported Outcomes and Implications
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Adoption: This model dramatically reduces the time and cost for banks to enter the crypto space, allowing them to offer trading, custody, and derivative products to their clients much sooner. It provides a faster, more cost-effective path to market without the heavy lift of building everything in-house.
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Liquidity: By connecting to the deep liquidity pools of Binance and Coinbase, institutions can offer their clients tight spreads and consistent execution, which might otherwise be difficult to achieve on a new, standalone platform.
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Risk: The model introduces a concentration risk by relying on a single external party for critical infrastructure like private keys and code. Therefore, the compliance and security standards of the provider, including their custody strength and independent audit results, become paramount for the partnering institutions.
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Regulation: The regulatory landscape for such services remains dynamic and varies by jurisdiction. Regulations like the EU’s MiCA will influence how these services are shaped, and the providers are integrating KYC and transaction monitoring tools to help institutions meet their compliance requirements across different regions.
The white-label push is a strategic move to accelerate institutional crypto adoption by outsourcing core infrastructure. Its long-term impact and success will ultimately depend on the number of major banking contracts secured and how financial regulators judge the practice of third-party control over client deposits, data, and settlement.
