Binance partners with Spanish bank BBVA to allow customers to hold assets outside the cryptocurrency trading platform

ChainCatcher news, according to the Financial Times, Binance is collaborating with Banco Bilbao Vizcaya Argentaria (BBVA) to allow customers to custody their assets at the bank instead of on the exchange. This is a new initiative by Binance to reassure investors after being hit with a record $4.3 billion fine by U.S. authorities in 2023.

Spain's third-largest bank, BBVA, has recently begun providing services to Binance as one of the few independent custodians. This move aims to alleviate investor concerns about the security of exchanges, especially following the FTX bankruptcy incident in 2022. BBVA's brand recognition is higher than that of Binance's existing partners, which may enhance user trust. Under the arrangement, traders' funds will be held in the form of U.S. Treasury securities at BBVA, while Binance will accept these assets as trading collateral.