US EditionBinance Taps Spain's Second-Largest Bank BBVA to Hold Trader Margin in Treasuries
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8 Articles
Binance Partners With BBVA - Spanish Bank Becomes Independent Custodian For Crypto Assets
In a groundbreaking move that signals crypto’s growing integration with traditional finance, Binance, the world’s largest cryptocurrency exchange, has partnered with Spain’s BBVA, the country’s second-largest bank, to provide independent custody services for client funds. This strategic alliance addresses longstanding concerns about exchange security while bridging the gap between conventional banking and digital asset trading. The arrangement a…
Binance Moves Customer Funds to BBVA in New Custody Setup
Binance is taking another step toward damage control by teaming up with BBVA, Spain’s second-biggest bank. The new arrangement allows customers to post U.S. Treasuries as margin, which BBVA will hold outside the exchange. It’s a clear attempt to separate user funds from exchange risk, and it shows Binance is trying to clean up its image. A Response to Ongoing Scrutiny The move follows intense regulatory pressure. After a multibillion-dollar fine…
BBVA Begins Acting as Independent Custodian for Binance Clients
Spanish bank BBVA is reportedly acting as an independent custodian for clients of cryptocurrency exchange Binance, helping those customers hold assets off the exchange. [contact-form-7] The bank recently began offering this service and became one of only a few independent custodians for Binance, the Financial Times (FT) reported Thursday (August 7), citing unnamed sources. Neither BBVA nor Binance immediately replied to PYMNTS’ request …
Bitcoin Price Stays About $115,000 As Spain's Banking Giant BBVA Partners With Binance To Provide Custody
Bitcoin price maintained its position above $115,000 on Friday as Binance, the world’s largest Bitcoin and crypto exchange, partners with Spain’s BBVA bank to provide third-party custody services, marking a significant step toward institutional-grade security. The partnership enables Binance customers to store their assets in U.S. Treasury securities held by BBVA, Spain’s third-largest bank, which the exchange will accept as margin for trading. …
Binance collaborates with the third largest bank in Spain, BBVA, for the custody of customer assets outside the exchange. *** Binance collaborates with the third largest bank in Spain, BBVA, for the custody of assets. Clients’ assets are kept in the bank as U.S. Treasury bonds. Thus, assets are isolated from any disruption that may occur in the exchange. A sign of the banks’ inclination to integrate more closely with cryptocurrencies. Meanwhile,…
Key Points of the News Custody Model: BBVA will serve as an independent custodian for Binance customers, keeping its assets out of exchange in U.S. Treasury securities. Binance then uses these assets as a trading margin. Regulatory Quietness: The association follows the record $4 billion fine to Binance in November 2023 and the growing caution of investors following the collapse of FTX. Industry Trend: Exchanges such as Deribit, OKX and Bitget a…
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