Binance Secures Trust with BBVA’s Innovative Custody Approach
Main Idea
Binance partners with BBVA to offer users an independent custody model for holding funds outside traditional exchanges, aiming to mitigate counterparty risks and enhance trust post-regulatory fines.
Key Points
1. Binance collaborates with BBVA to allow users to hold funds in U.S. Treasury bonds, reducing platform and counterparty risks.
2. The partnership follows Binance's $4 billion fine in November 2023 and aims to address concerns from FTX's 2022 bankruptcy.
3. BBVA's custody model is highlighted for its compliance benefits, with the bank being a trusted name on many companies' compliance lists.
4. BBVA also offers Bitcoin and Ethereum services, including advisory for high-net-worth clients to allocate 3-7% of portfolios to crypto.
5. The move reflects broader industry trends, with other exchanges like OKX partnering with custody providers for institutional services.
Description
Binance partners with BBVA for independent custody, enhancing trust post-2023 fine. Funding held in U.S. Continue Reading: Binance Secures Trust with BBVA’s Innovative Custody Approach The post Binance Secures Trust with BBVA’s Innovative Custody Approach appeared first on COINTURK NEWS .
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