BBVA partners with BBVA to secure customer money outside the exchange star-news.press/wp

Binance has made a partnership with BBVA, one of the largest banks in Spain, to serve as an independent goalkeeper for customer boxes, according to a Friday report in the Financial Times, citing two people familiar with the order.

Step It is said It aims to restore confidence in the investment of central encryption after scandals such as FTX collapse and Binance problems.

The FT report said that Binance users can now custody of BBVA assets, which provides improved security through the bank -backed warranty. Binance has also made a partnership with SYGNUM and FlowBank in Switzerland to serve as independent holders.

With traditional financing intervention to provide safer and more organized nursery solutions, the Binance step may help bridge the gap between institutional investors and the ecosystems for encryption, according to FT.

FT sources said that the BBVA custody deal includes the customer boxes held in the US Treasury at the Spanish Bank. Binance then accepts these assets as a margin for circulation on its platform, which reduces the risks of the opposite end.

Cointelegraph called by confirming her partnership with BBVA. Binance admitted to receiving the request but did not provide any other details by publishing.

Customer funds continue to be accessed

The sources told FT that Binance has partnered with a handful of banks only for an independent nursery for customer funds, but added that BBVA had “recognition of names” better than other banking partners, adding a layer of confidence.

On Thursday, Binance also Firing Service to support the transfer of encryption to FIAT and withdraw directly to MasterCard for European users, with soon. This step aims to simplify funds for users throughout the European Economic Zone (EA) and the United Kingdom.

Related to: Binance finishes trading in USDT in Europe to comply with the rules of mica

Before the banker, the entire Binance Crypto investors have relied on the exchange of asset storage. The custody adds to credible banks a layer of protection to user money.

For example, the FTX exchange collapsed in 2022 prevented many customers’ arrival to their money, causing great financial pressure and increasing the organizational audit through the ecosystem for encryption. FTX has detained about $ 175 million of investments from Genesis Trading alone.

Wazirx continues to keep customer money as hostages

The investor’s concerns were recently renewed when Indian Crypto Exception Wazirx, which was once strong with Binance, was frozen with its 16 million users after a major security breach.

While Wazirx tried to turn the losses, the latter distanced himself from the Indian Stock Exchange, saying:

“Their attempts (Wazirx) to transform responsibility is a disappointing deviation tactic, but no one should distract anyone from the bright issue that must be addressed here: the need for the Wazirx team to bear the responsibility of the user’s money lost under its management.”

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