Media reports that Binance, the world's largest cryptocurrency exchange, has entered into an agreement with the Spanish bank BBVA to transfer the custody of client assets. According to the Financial Times, client funds will be held in the form of U.S. government bonds at BBVA, and Binance will use them as collateral for trading. This initiative is aimed at enhancing security following the collapse of FTX in 2022 and a $4.3 billion fine from the U.S. in 2023 for violations of anti-money laundering regulations.
Such a move reflects Binance's efforts to restore investor trust by separating custody and trading functions. BBVA, one of Spain's leading banks, already offers cryptocurrency services, including trading Bitcoin and Ethereum through its app. The partnership also indicates a growing interest from traditional financial institutions in the crypto market, supported by clearer regulations in the U.S. and EU.
Experts believe that this could become a standard for the industry, reducing risks for users. However, questions remain regarding the scale of implementation and trust in the model. If the deal is successful, other exchanges may follow suit by integrating banking solutions.
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