According to a Friday report in the Financial Times, Benance has partnered with one of the largest banks in Spain, one of the largest banks in Spain, which is in accordance with the Friday’s report in the Financial Times citing two people familiar with the arrangement of two people.
move Allegedly The goal is to restore confidence in centralized crypto investment after scams such as FTX collapse and binance’s own regulatory troubles.
The FT report stated that the banns users can now detain property with BBVA, offer increased safety through bank-supported collateral. Binance has also participated with Signum and Flobank of Switzerland to serve as an independent patron.
To provide safe, more regulated detention solutions with traditional finance, the binance move, according to FT, can help bridge the difference between institutional investors and crypto ecosystems.
FT sources said that the custody deal with BBVA included customer funds held in the US Treasury at Spanish Bank. Binance then accepts those assets as margin for trading on their platforms, which reduces the opposition risk.
Cointelegraph contacted Binance to confirm his partnership with BBVA. Binance admitted to receiving the request, but did not provide any further details by the publication.
Constant access to customer funds
Sources told FT that Benance has partnered with only a handful of banks for customer free detention of money, but said that BBVA has better “name recognition” than other banking partners, which add a layer of the trust.
On Thursday, also Launched To support the conversion of Crypto, a service takes back directly with the availability of near-time to Fiat and for European users. The move aims to streamline the lack of funds for users in the European Economic Area (EEA) and the United Kingdom.
Connected: Binance MICA finishes Tether USDT trading in Europe to follow rules
Prior to Banking Custodian, Benance Crypto investors fully rely on the exchanges of asset storage. Handing custody to reliable banks adds a layer of security to the user funds.
For example, the collapse of the FTX exchange in 2022 blocked several customers’ access to their funds, leading to adequate financial pressure and regulatory investigation into the crypto ecosystem. FTX discontinued an investment of about $ 175 million from generation trading alone.
Wazirx has taken customer funds hostage
The apprehensions of the investor were recently renewed when the Indian crypto exchanged Wazirux, once strong ties with Benance, withdrawal of withdrawal to their 16 million users after a major safety violation.
While Wazirx tried to rope the banns in repaying the loss, later removed itself from Indian exchange, saying:
“The attempt to move his (Wazirx) responsibility is a disappointing deflection strategy, but it should not distract anyone from the shiny issues addressed here: the need of the Wazirx team should be held accountable to the lost user funds under their management.”
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