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BBVA is working with Binance to provide the crypto firm’s customers with off-exchange custody, according to the Financial Times.
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The partnership would reduce counterparty risk by allowing traders to store their crypto assets with the Spanish bank rather than directly on the exchange.
The move is designed to build confidence in Binance’s ability to keep user funds safe in the wake of the FTX exchange collapse of 2022, says the FT.
Binance, the world’s biggest crypto exchange, has its own long history of regulatory issues, including a $4.3 billion settlement with the US Department of Justice over AML failures that also saw founder Changpeng “CZ” Zhao serve jail time.
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