Top Stories

1. Binance Partners with BBVA for Off-Exchange Asset Custody

Binance has partnered with Spain’s BBVA—a well-established and reputable bank—to allow customers to store their crypto assets off the exchange. Funds will be held in U.S. Treasuries by BBVA and accepted by Binance as trading margin. This move aims to enhance investor confidence by reducing counterparty risk, especially in the wake of FTX’s collapse and Binance’s past regulatory challenges. ReutersFinancial Times

2. Paxos Settles with New York Regulator Over Binance Stablecoin Issues

The New York Department of Financial Services (NYDFS) has reached a $48.5 million settlement with Paxos Trust Company. The settlement addresses Paxos’ failure to adequately oversee its partnership with Binance, specifically relating to anti–money laundering deficiencies and oversight of BUSD transactions that involved $1.6 billion in illicit flows. Paxos will pay a $26.5 million fine and commit $22 million to overhaul its compliance infrastructure. ReutersCointelegraph

Why It Matters
StoryInsightCustody PartnershipShows an industry shift toward secure, third-party asset storage, boosting user confidence.Regulatory SettlementReinforces the importance of robust compliance systems—even indirect partners of Binance face scrutiny.