Binance Partners with Spanish Bank BBVA for Independent Crypto Custody Services
Main Idea
Binance has partnered with Spanish bank BBVA to provide independent crypto custody services, enhancing security and credibility following the FTX collapse.
Key Points
1. Binance's partnership with BBVA aims to offer secure custody solutions, moving assets away from exchange platforms to mitigate risks like those seen in the FTX collapse.
2. BBVA's involvement adds enhanced due diligence credibility compared to Binance's existing custody partners.
3. Under the custody structure, trader assets are held by BBVA in US Treasury instruments, ensuring security while maintaining trading functionality.
4. Binance had previously introduced other custody options through Switzerland’s Sygnum and FlowBank in response to customer pressure in early 2024.
5. The collaboration reflects a broader trend of traditional banks like BBVA embracing cryptocurrency services amid evolving regulatory frameworks in the EU and US.
Description
BBVA has become an independent custodian for Binance, offering users greater asset security. The Spanish bank holds trader assets in the US Treasuries to mitigate exchange risk. Partnership addresses investor concerns after the FTX collapse in late 2022. Binance has secured Spanish bank BBVA as an independent custodian for customer assets. The partnership allows Binance customers to hold their cryptocurrency assets with the third-largest Spanish bank rather than directly on the exchange platform...
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