PANews reported on August 8th that the Financial Times reported that Binance is partnering with Banco Bilbao Vizcaya Argentaria (BBVA) to allow customers to hold their assets at the bank rather than on the exchange. This is a new initiative taken by Binance to reassure investors following the record $4.3 billion fine levied by US authorities in 2023. BBVA, Spain's third-largest bank, recently began providing services to Binance as one of a handful of independent custodians. This move aims to alleviate investor concerns about exchange security, particularly following the FTX bankruptcy in 2022. BBVA's brand recognition is higher than that of Binance's existing partners, potentially bolstering user trust. Under the partnership, traders' funds will be held at BBVA in the form of US Treasury bonds, which Binance will accept as trading margin.