More security for customers. The Binance cryptocurrency cryptocurrency platform has closed partnership with the Spanish BBVA bank that offers Child Care Service outside your customers. The aim of this cooperation is to strengthen the security of digital customers in the case of bankruptcy of the crypto platform.
- Binance has concluded a strategic partnership with BBVA to offer a market service without cabins, increasing the safety of digital assets of its customers.
- This cooperation responds to the growing regulatory pressure and separates the link from business activities to the protection of users in the case of bankruptcy of the platform.
Binance and BBVA: Alliance to ensure digital assets
According to an article in the Financial Times called Binance, the largest platform for the exchange of cryptocurrency in the world Bbthe third largest Spanish bankprovide services conservation. The aim of this initiative is to improve protection customers by disrupting their assets of any disturbance that may affect trading.
An agreement on the protection between Binance AND Bb independent business activities from Customer funds. Specifically assets Users are placed in US TREASURY BILLS BBVA detained. These treasury accounts are then accepted Binance as Marge for trading.
In case of Binance bankruptcyFunds would remain safe under control BbThis offers another layer of safety for investors.
This partnership means a significant change in the operating model Binancethat had previously maintained User funds internally. This development is a reaction to pressure growing regulatory To make the crypto platforms a guard from the assets from business activities.
Reaction to increasing control pressure
The collapse of the FTX in 2022, which left the funds of frozen users, served as Alarm signal for the whole sector. Since Binance has taken several measures to strengthen the user’s confidence, in particular by introducing Proof of reservationsA cryptographic method that proves that customers’ funds are in their portfolios.
BBVA continues to be involved in the sector. The bank recently launched Trade services and cryptocurrency guard through her mobile app and informed her private customers Allocate up to 7 % of their Bitcoins and Ether portfolios.
This partnership between Binance and BBVA can become a model for other platforms that seek to strengthen the safety of the assets of its users and at the same time meet the growing regulatory requirements. By separating trading and protection of Binance activities, it shows its desire to adapt to an increasingly regulated environment, While it still offers innovative services to its customers.
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