Spanish Bank BBVA Will Store Binance Clients’ Assets Off-Exchange

Spain’s third-largest lender BBVA is working with Binance to offer off-exchange custody to the exchange’s clients, according to the Financial Times. Assets would sit with BBVA—reportedly in U.S. Treasuries—while Binance accepts those holdings as margin for trading, creating a separation between clients’ collateral and the exchange’s trading venue.

CoinDesk and Reuters both picked up the FT scoop. Reuters added that both BBVA and Binance declined to comment on the reported arrangement.
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