Binance Partners with Spanish Bank BBVA to Allow Customers to Hold Assets Off the Crypto Exchange Platform

BlockBeats News, August 8th, according to the Financial Times, Binance is partnering with the Spanish bank BBVA to allow customers to custody their assets with the bank instead of the exchange. Spain's third-largest bank, BBVA, recently started serving as one of the few independent custodians for Binance. This move aims to alleviate investors' concerns about the security of the exchange, especially after the 2022 FTX bankruptcy event. Under the cooperation arrangement, traders' funds will be held in the form of U.S. Treasury bonds at BBVA, and Binance will accept these assets as trading margin.