Binance Partners with BBVA to Offer Off-Exchange Asset Custody: Report
Main Idea
Binance partners with BBVA to offer off-exchange asset custody, aiming to rebuild trust after regulatory fines and the FTX collapse, while traditional banks like BBVA show increasing interest in crypto services.
Key Points
1. Binance is collaborating with Spain's BBVA to provide off-exchange custody services, a move to restore investor confidence following its $4.3 billion fine and the FTX collapse.
2. BBVA, Spain's third-largest bank, will custody Binance users' assets in U.S. Treasuries, separating custody from trading to mitigate counterparty risk.
3. The partnership enhances Binance's credibility by leveraging BBVA's established reputation, while BBVA expands its own crypto offerings for Spanish retail clients.
4. Binance has previously offered custody options through Switzerland’s Sygnum and FlowBank, indicating a broader strategy to secure institutional partnerships.
5. Paxos Trust Company agreed to a $48.5 million settlement with NYDFS over its dealings with Binance, highlighting ongoing regulatory scrutiny in the crypto industry.
Description
Binance, the world’s largest cryptocurrency exchange, is working with Spain’s BBVA to offer clients independent custody of their digital assets, according to a Financial Times report published on Friday. The arrangement is a move by Binance to rebuild investor trust following its record $4.3 billion fine by U.S. regulators in 2023 and the broader industry fallout from the collapse of FTX. Rebuilding Trust After FTX and Fines BBVA, Spain’s third-largest bank , has recently begun serving as an ind...
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