According to the sources of the newspaper, an agreement with the third largest Bank of Spain suggests that traders will be able to store their capital outside the crypto -tank in US treasury bonds on accounts opened by brokers BBVA. In turn, Binance is ready to accept these assets as a margin for exchange operations.
“Such a scheme helps to soften the hypothetical threat FTX 2.0. BBVA has a higher brand recognition compared to other Binance partners, ”sources said Financial Times.
The decision on partnership with the bank was made to increase the confidence of investors in Binance after the exchange paid the American authorities a fine of $ 4 billion in the fall of 2023, the interlocutors of the publication said. They believe that traders are looking for ways to minimize the risks of storing funds on centralized crypto -rhms, remembering the collapse FTX. IN Binance
They understand this, offering relevant services, writes FT.
Previously Binance I provided large traders with the opportunity to store cryptocurrencies in the Sygnum bank and use the funds deposited in it as a bail.
Earlier, Binance reported that the number of bitcoins on the site has grown over 17,167 coins over the past month, as a result, the total number of customer assets in the first cryptocurrency reached 591,163 BTC. This is 2.99% more than a month ago.
Source: Bits
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