Binance has partnered with BBVA, Spain's third-largest bank, to enable customers to hold cryptocurrency assets off the exchange. This collaboration allows users to store Bitcoin and other digital assets directly through BBVA accounts, providing an independent custody solution that separates customer assets from the exchange. The partnership aims to enhance institutional trust and security by adopting a traditional financial custody model, potentially reducing risks similar to those seen in previous crypto exchange failures. Additionally, Binance has introduced a feature allowing European Union users to convert cryptocurrency to fiat and withdraw funds directly to Mastercard almost instantly.