Binance taps Spain’s BBVA to offer safer crypto custody post-FTX: FT

As trust in crypto exchanges remains low, Binance’s new custody deal with BBVA marks a shift toward traditional finance safeguards.

Binance has partnered with BBVA, one of Spain’s biggest banks, to act as an independent custodian for customer funds, according to a Friday report in the Financial Times citing two people familiar with the arrangement.

The move reportedly aims to restore confidence in centralized crypto investing following scandals such as the FTX collapse and Binance’s own regulatory troubles.

The FT report said Binance users can now custody assets with BBVA, offering enhanced security through bank-backed collateral. Binance has also partnered with Switzerland’s Sygnum and FlowBank to serve as independent custodians.

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