Binance partners with Spanish bank BBVA to allow clients to deposit assets off-exchange

Binance is partnering with Banco Bilbao Vizcaya Argentaria (BBVA) to allow clients to host assets within the bank rather than on the exchange, the Financial Times reported. The move is a new effort by Binance to reassure investors after it was fined a record $4.30 billion by US authorities in 2023. BBVA, Spain's third-largest bank, recently began serving Binance as one of a handful of independent custodians. The move is aimed at easing investor concerns about the security of the exchange, especially after the 2022 FTX bankruptcy. BBVA's brand recognition is higher than that of Binance's existing partners, potentially enhancing user trust. Under the partnership arrangement, traders' funds will be held at BBVA in the form of US Treasuries, and Binance will accept these assets as trading deposits.