Binance is partnering with Spanish banking giant BBVA to give customers the option to store their assets outside of the crypto exchange. The move is seen as part of Binance’s effort to reassure investors following its record fine from US authorities nearly two years ago.
According to sources familiar with the matter, BBVA, Spain’s third-largest bank, is now one of a select few independent custodians working with Binance. This step comes amid ongoing concerns about the safety of funds on trading platforms, a sentiment heightened by the collapse of Sam Bankman-Fried’s FTX in late 2022. That incident left investor funds locked in bankruptcy proceedings and sparked a wider push for independent custody solutions.
Traditional Banks Step Further into Crypto
The partnership signals a growing willingness among established banks to engage with the crypto sector, supported by recent legislative developments in the US and EU. One source noted BBVA’s strong brand recognition as a factor that could make the arrangement more appealing to users conducting due diligence.
Binance has been gradually expanding its independent custody options since early 2023, when it added Switzerland’s Sygnum and FlowBank to address counterparty risk. Before then, customers could only hold assets directly on the exchange or via Ceffu, a Binance-linked custodian questioned by US regulators.
Regulatory Backdrop and Market Context
The collaboration comes after a turbulent period for Binance. In 2023, the exchange was fined $4.3 billion for failing to prevent money laundering, and its founder Changpeng Zhao was sentenced to four months in prison. Binance subsequently reduced its US operations but has restored some services this year as regulatory pressure eased.
The arrangement with BBVA will see traders’ funds held in US Treasuries by the bank, which Binance accepts as margin for trades. This setup is intended to reduce risks of a repeat of the FTX collapse.
The move also aligns with a broader trend of traditional banks entering the crypto space. Support from the Trump administration has further boosted sentiment, contributing to record highs for bitcoin and a surge in trading volumes in 2025. Both BBVA and Binance have declined to comment on the partnership.
A Step Towards Mainstream Trust?
This development is less about flashy partnerships and more about stability. Binance’s work with BBVA may help calm lingering fears in the wake of past scandals by offering a custody model that separates client funds from the exchange. While the arrangement does not guarantee complete immunity from market or operational risks, it reflects a wider industry shift towards involving reputable, regulated institutions in crypto infrastructure. In the long run, this could be a sign that crypto trading is maturing — but the real test will be whether such safeguards become a lasting standard rather than a crisis-driven fix.
