Binance's partnership with BBVA allows customers to store assets in U.S. Treasury securities, enhancing security against exchange risks. This arrangement effectively separates trading from custody, addressing concerns raised after the FTX collapse. Following a $4.3 billion settlement, Binance is strengthening controls on fund management and utilizing third-party custodians. BBVA is actively engaged in the crypto sector, offering trading services and advising clients to invest up to 7% in Bitcoin. This collaboration signifies a shift towards institutional-grade security in the crypto space, fostering greater confidence in cryptocurrency investments.
The partnership enables Binance customers to store their assets in U.S. Treasury securities held by BBVA, increasing security for investors concerned about exchange risk.
Binance continues to rebuild trust following a $4.3 billion settlement with U.S. regulators, implementing stricter controls on fund management and allowing third-party custodians.
BBVA has launched crypto trading and custody services through its mobile app, advising clients to allocate up to 7% of portfolios to Bitcoin and crypto.
The custody arrangement addresses concerns from the FTX collapse, ensuring customer funds remain secure under BBVA's control during operational or regulatory issues.
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