Binance now trusts Bitcoin’s custody and cryptocurrencies to BBVA
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The funds will be in the US Treasury Bonds, guarded by the Spanish Bank BBVA.
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Since the fine of USD 4.3 billion in 2023, Binance has been adjusting its strategy.
To increase the confidence of its users after the collapse of FTX, Binance has started a collaboration with the Spanish bank BBVA. This to offer an external custody service of Bitcoin (BTC) and other digital assets.
This alliance will allow customers to keep their funds out of Binancein a regulated and traditional environment.
Sources close to the agreement indicated that BBVA, the third largest bank in Spain, now acts as one of the few independent custodes that collaborate with the popular cryptocurrency exchange. The measure seeks to respond to the concerns of investors who, after the collapse of FTX in 2022, prefer to protect their funds into traditional financial institutions.
Thus, user funds will be guarded by BBVA, which will support them with American treasure bonds, according to sources close to the agreement. Binance, meanwhile, will accept these assets as a margin to operate on its platform.
In recent months, BBVA has reinforced his commitment to cryptocurrencies. As Cryptonotics reported, in March the banking entity reported that the National Securities Market Commission (CNMV) of Spain had approved its service to buy, sell and store Bitcoin and Ether (ETH), which was enabled in July directly from the Bank’s mobile app.
This collaboration comes after legal challenges for Binance. In 2023, US authorities imposed a fine of 4.3 billion dollars to the Exchange for facilitating alleged operations related to money laundering. Its founder, Changpeng Zhao, served a four -month prison sentence, being released in September 2024. Since then, the company has significantly reduced its presence in the country.
The approach of traditional banks to cryptocurrencies also responds to a more favorable international context for the industry, especially thanks to the recent regulatory advances that have occurred in the United States.
Donald Trump, for example, signed an executive order to create a strategic Bitcoin reserve and expressed support for the Genius Law (Guonding and Establishing National Innovation for Us Stablcoins), the first US legislation regulating Stablecoins’ issuance. This project had broad bipartisan support in the Senate and the House of Representatives, and finally received the rubric of the president.
In addition, the president plans to implement actions against banks that, for political reasons, deny financial services to cryptocurrency companies and conservative organizations.
