Binance is collaborating with Spanish bank BBVA to offer customers the ability to hold their assets off the exchange, as reported by Financial Times. BBVA is one of a few independent custodians for the world’s largest crypto exchange, amid increased global regulatory scrutiny and investor concerns after FTX’s 2022 collapse. Reuters has not confirmed the news.

BBVA spokesperson declined to comment on potential clients but mentioned providing cryptocurrency custodian services for individual customers in Turkey and Switzerland, and institutional investors. Binance, the leading digital asset exchange, has not responded to inquiries. In February, Binance faced a $4.3 billion fine from U.S. authorities for AML and sanctions violations, with CEO Changpeng Zhao receiving a four-month prison sentence.

Read more at Yahoo Finance: Binance teams up with BBVA to let customers keep assets off exchange, FT reports