Binance Engages BBVA for Client Asset Custody

The leading cryptocurrency exchange Binance has enlisted the Spanish bank BBVA as an independent custodian for its clients. Traders will now have the option to store assets off-platform. This development was reported by the Financial Times, citing sources.

The partnership aims to bolster investor confidence following the exchange’s $4 billion fine in November 2023. Traders are also seeking ways to mitigate the risks of storing assets on centralized platforms after the collapse of FTX.

Under the new arrangement, client funds will be held in U.S. Treasury bonds in accounts at BBVA. Binance will accept these assets as trading collateral. This approach separates trading and custody, a standard in traditional finance to reduce counterparty risk.

“This scheme helps ‘mitigate a hypothetical FTX 2.0’,” stated one of the publication’s sources.

According to the source, BBVA has greater “brand recognition” compared to other Binance partners. This simplifies counterparty verification for institutional clients.

In January 2024, Binance already offered major users the option to store assets with independent custodians Sygnum and FlowBank. 

Back in July 2025, BBVA opened opportunities for retail clients in Spain to trade and store Bitcoin and Ethereum.