Binance Partners with Spanish Bank BBVA to Offer Off-Exchange Asset Custody: Report
Main Idea
Binance partners with Spanish bank BBVA to offer off-exchange asset custody, leveraging BBVA's brand strength and compliance with regulatory standards.
Key Points
1. Binance collaborates with BBVA to allow customers to hold assets off-exchange, with client funds stored in U.S. Treasuries.
2. BBVA's established reputation adds credibility to Binance's custody offering, simplifying trust for clients.
3. The partnership aligns with growing demand for independent custody solutions post-FTX collapse.
4. BBVA has expanded its crypto services, including Bitcoin and Ether trading, in response to increasing market interest.
5. Binance's former CEO CZ seeks dismissal of a $1.76 billion lawsuit from FTX, arguing the claims are legally unsupported and unrelated to U.S. securities regulations.
Description
Binance has teamed up with Spain’s BBVA to let customers store their assets off the exchange, a move aimed at boosting investor confidence nearly two years after the company paid a record $4.3 billion US fine. Key Takeaways: Binance partnered with BBVA to offer off-exchange asset custody, aiming to boost investor trust. Client funds will be held in U.S. Treasuries at BBVA and accepted by Binance as trading margin. BBVA’s growing crypto services reflect stronger bank participation following clear...
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