Published by Global Banking & Finance Review®
Posted on August 8, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleBinance partners with BBVA to allow off-exchange asset holding, enhancing security amid regulatory scrutiny.
(Reuters) -Binance is working with Spanish bank BBVA to allow customers to hold their assets off the crypto exchange, Financial Times reported on Friday.
The Spanish bank is working as one of only a small number of independent custodians for the world's biggest crypto exchange, the report added, citing two people familiar with the matter.
Reuters could not immediately verify the report. BBVA did not immediately respond to a Reuters' request for comment while Binance could not immediately be reached.
The move comes as Binance faces heightened regulatory scrutiny worldwide and as crypto exchanges seek to reassure investors about fund safety in the wake of FTX’s 2022 collapse.
Last February, U.S. authorities fined Binance more than $4.3 billion penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the company, while its founder and chief executive Changpeng Zhao was sentenced to four months in prison.
(Reporting by Abu Sultan in Bengaluru; Editing by Nivedita Bhattacharjee)
The partnership aims to allow customers to hold their assets off the crypto exchange, enhancing asset safety.
Binance is under heightened regulatory scrutiny due to past violations, including a significant fine for anti-money laundering lapses.
The collapse of FTX in 2022 has led to increased concerns among investors regarding the safety of funds held on crypto exchanges.
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