“The Binance cryptocurrency has attracted the BBVA Spanish Bank as an independent Castedian for its customers. Traders will be able to store assets outside the exchange. About it reports Financial Times with reference to sources. The partnership is intended to increase the confidence of investors after the exchange of a fine of $ 4 billion in November 2023. In addition, traders are looking for ways to reduce the risks of storage of assets on centralized platforms […]”, – WRITE: Businessua.com.ua
The Binance cryptocurrency has attracted the BBVA Spanish Bank as an independent Castedian for its customers. Traders will be able to store assets outside the exchange. About it reports Financial Times with reference to sources.
The partnership is intended to increase the confidence of investors after the exchange of a fine of $ 4 billion in November 2023. In addition, traders are looking for ways to reduce the risks of storage of assets on centralized platforms after FTX.
Customer funds will be stored in US Treasury bonds in BBVA accounts. Binance will accept these assets as trade. This approach separates trade and storage processes, which is a standard in traditional finances to reduce counterparty risk.
“This scheme helps to” soften the hypothetical FTX 2.0, “one of the interlocutors of the publication said.
According to the source, the BBVA has a higher “brand recognition” compared to other Binance partners. This simplifies the check of counterparties for institutional clients.
In January 2024, Binance already gave great users the opportunity to store assets from independent Castodians Sygnum and Flowbank.
Recall that in July 2025 BBVA opened retail customers in Spain access to trade and storage of bitcoin and Ethereum.
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