Binance is working with Spanish bank BBVA to allow customers to hold their assets off the crypto exchange, as it tries to reassure investors following its record fine by US authorities nearly two years ago.
Spain’s third-largest bank recently began working as one of only a small number of independent custodians for the world’s biggest crypto exchange, according to two people familiar with the arrangement.
The move comes as crypto exchanges try to allay investors’ concerns about trading venues, following the collapse of Sam Bankman-Fried’s FTX in late 2022. That left investor money trapped in bankruptcy proceedings and sent traders racing to pull their funds off exchanges and seek independent custody arrangements.