Binance, one of the largest crypto exchanges, has taken an important step by entering into a partnership agreement with the Spanish bank BBVA. The main feature is that customers will now be able to keep their crypto assets separate from the exchange, using BBVA as an independent custodian. This was a response to the intensified crisis of trust in the crypto world, especially after the collapse of FTX in 2022, and Binance's own problems with regulators.

BBVA, one of the three largest banks in Spain, will act as a third-party custodian. Knowledgeable people say that this is a rare agreement, because few traditional financiers are ready for such a thing. BBVA was chosen not only because of its scale, but also because of its impeccable reputation. According to insiders, the mere mention of BBVA in conversations with regulatory authorities instantly simplifies the situation. "Having this name opens the door to the world of legality," emphasizes one of the participants in the discussions.

For Binance, partnerships have become a vital breath of fresh air. After a resounding $4.3 billion fine from American regulators and the drama of the arrest of the founder, Changpeng Zhao, the exchange needed to regain the favor of users like air. Previously, there was little choice: either to store assets directly on the platform, or through the structure of Ceffu, which, naturally, raised questions from all the inspectors. But cooperation with BBVA is a completely different song, the level of openness and honesty is an order of magnitude higher.

In turn, BBVA's decision to move closer to the world of cryptocurrencies was not accidental. The Bank is steadily increasing its presence in this area. More recently, he offered his retail clients in Spain the opportunity to trade and store bitcoins and ether through a mobile application. Recommendations for investing up to 7% of the portfolio in crypto assets have been developed for wealthy clients using private banking services. The partnership with Binance fits quite logically into this development strategy.

Despite the lack of official statements from Binance and BBVA, the very conclusion of the deal indicates significant changes in the industry. Cryptocurrency exchanges are gradually moving away from the all-in-one concept, when the platform combined the functions of trading, storage and lending. Specialization and cooperation with reliable partners from the traditional financial sector are replacing it. For traders, this means a fundamentally new level of asset security.