For pension schemes, the direct impact is likely limited – not least because there are almost no schemes known to invest in bitcoin or other cryptocurrencies traded on the Binance platform.

But with global institutional interest in crypto increasing, will the incident derail the investment case for this nascent asset class?

A recent global survey by EY-Parthenon of 317 investors found that almost three-quarters (73%) planned to increase their exposure to digital assets, including crypto. However, two-thirds (66%) also cited custody of digital assets as an area of increasing concern.

Crypto custody concerns key

In the UK, just one unnamed pension fund is known to have invested in bitcoin, according to its investment consultant…