Binance is taking another step towards damage control by teaming up with the BBVA. Spain’s Second bank. The new arrangement allows customers to post the US Department of Treasury as margins. the It’s clear When trying to isolate the user fund from Exchange risk, it is shown that Binance is trying to clean up the image.

Responding to ongoing scrutiny

This move follows intense regulatory pressure. After billions of dollars fines and ongoing questions about user fund safety last year, Binance has little room to loosen it. Collateral for traders who hold regulated banks appears to be a deliberate effort to rebuild trust without waiting for permission.

binance x bbva@binance Combining the team with the third largest bank in Spain, BBVA, to ensure that clients do not exchange assets as independent custodians.
Move The Move aims to rebuild the collapse of Trust Post-Ftx after Binance’s $4.3 billion fine in 2023.
Client funds are held by the BBVA in the US… pic.twitter.com/bq4fagohom

-Narcos (@misternarcos) August 8, 2025

Traders keep their funds in the bank

The idea is simple. Users will deposit collateral directly with BBVA. These funds go to the US Treasury Department, and Binance accepts them as margins for the transaction. Exchanges never touch money. that’s right a Selection subject A transition from an era when platforms pooled client assets and moved behind the scenes.

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Traditional banks start to take the wheels

The BBVA is more than just an institution. the It’s deeply established in Europe’s It already offers crypto products in the financial system and Switzerland. By partnering with a bank of this size, Binance sends a message that he is willing to work within the system, at least on paper. this It adds to the slow trend of crypto companies that are leaning towards old-fashioned finance due to their structure.

24 hours7d30D1Yeverytime

Timing is in line with policy momentum

Global regulators are ultimately taking custody rules for crypto. With the US european unionauthorities are considering how exchanges manage customer assets. This Binance BBVA placement occurs just like those conversations hit new gear. the It’s not a coincidence.

Layers of user safety

For everyday traders, this means one less thing to worry about. Instead of hoping Binance will maintain the solvent, they know that their collateral is locked in another bank account and supported by government bonds. If Binance gets into trouble, the funds should remain untouched. Such firewalls have been missing from the space for too long.

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Can this set a new standard?

Other platforms may take notes. If this model works, it could move the industry away from dangerous, self-supporting towards banking setups. The idea of splitting custody from a transaction is not new, but it is gaining traction rapidly as the market matures and compliance costs rise.

What’s next for Binance and BBVA

The big unknown is whether Binance will roll out this widely or continue to limit it. If the intake is strong, more banks will be able to enter the photo. For now, this is a test case. But if it sticks, it may reconstruct how crypto exchanges operate.

Binance is trying to play more cautiously, in the wake of regulatory blowbacks and industry meltdowns. By taking charge of BBVA as collateral, the It is trying to show that it can evolve into users and regulators. The interests are high, and this may be one of the more grounded moves that the exchange has been making for a long time.

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Financial technology middlemen reportedly sent investment banking giant JPMorgan Chase 1.89 billion data requests in the month of June.

In an internal company memo reviewed by CNBC, a JPMorgan systems employee noted that only 13% of those requests were initiated by a customer for transactions.

“Aggregators are accessing customer data multiple times daily, even when the customer is not actively using the app. These access requests are massively taxing our systems.”

An anonymous source with knowledge of the memo tells CNBC that the requests often involve helping fintech companies bolster their products or stop fraud.

Earlier this month, JPMorgan informed fintech companies such as PayPal, Venmo and Coinbase that they will need to begin paying to access their customers’ bank account information, a move that sparked controversy in the digital asset sector.

Gemini co-founder Tyler Winklevoss claims the investment bank is attempting to sabotage fintech and crypto firms, accusing JPMorgan chief executive Jamie Dimon of trying to wreck President Donald Trump’s attempts to embrace digital assets.

“This will bankrupt fintechs that help you link your bank accounts to crypto companies like Gemini, Coinbase, and Kraken so you can easily fund your account with fiat to buy Bitcoin and crypto…

Jamie Dimon and his cronies are trying to undercut President Trump’s mandate to make America the pro-innovation and the crypto capital of the world. We must fight back!”

Dimon, however, defended the fee proposal during the bank’s second-quarter earnings call.

“So, this is very important. So forget pricing for a second, we are in favor of the customer, but we think the customer has the right to if they want to share their information. What we ask people to do is, what do they – do they actually know what’s being shared? What is actually being shared? It shouldn’t be everything. It should be what their customer wants. It should have a time limit because some of these things went on for years. It should not be re-marketed or resold to third parties. And so, we’re kind of in favor of all that, done properly.

And then the payment, it just costs a lot of money to set up the APIs (application programming interfaces) and stuff like that to run the system’s protection. So, we just think it should be done and done right. And that’s the main part. It’s not like you can’t do it.”

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A scammer reportedly drained $27,000 in life savings from a man in Arizona by pretending to be his bank representative.

An Arizona resident who wants to only be identified as Dave tells the website Moneywise.com that he received a normal-looking fraud alert from Bank of America, which questioned whether he had authorized a $399 purchase at the electronics store Best Buy.

Dave responded, saying “no,” and then reportedly received a follow-up text from the scammer with a number to call. Someone claiming to be a Bank of America (BofA) representative then told Dave over the phone that his account had been compromised and that he was being targeted by a rogue BofA employee.

The con artist told Dave to withdraw his whole bank account to protect it, and then the scammer instructed him to “secure” the cash using Apple Wallet.

Dave was then walked through creating a scannable card on his phone that was linked to the scammer’s account. The Arizona man then deposited the cash in a bank drive-through, unwittingly transferring the money to a scammer.

“This is my life savings, and I don’t have any assurances, but they sounded so real.”

Peoria Police Department Detective Michael Finney worked with Dave and froze the linked accounts, managing to recover roughly 90% of his funds in five months.

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Interactive Brokers is considering launching a stablecoin for customers, a move that would add one of the world’s largest discount brokerages to the list of firms using crypto, Reuters reported on July 28.

Founder Thomas Peterffy said in an interview with the newswire that the company is “working on potentially issuing stablecoins.” However, a final decision on the structure and rollout has not been made. 

In parallel, the broker is establishing instant, round-the-clock stablecoin funding for brokerage accounts and providing support for asset transfers in commonly traded cryptocurrencies.

Diving deeper

Interactive Brokers, valued at approximately $110 billion, already offers crypto trading through partnerships with Paxos and Zero Hash, an exchange infrastructure provider in which it is an investor. 

Among the options on the table, the firm could allow customers to fund accounts with stablecoins issued by other financial institutions, provided the issuer’s credibility is established.

Peterffy has already voiced skepticism about cryptocurrencies in the past and said he remains cautious, even as client demand grows. He added:

“It’s basically hard to grasp its fundamental value. If we see people adopting it and ascribing a value to it, I’m okay with that, but I’m still not convinced.”

Stablecoins are digital tokens designed to track the value of a stable asset, typically the US dollar, and are used to transfer value across borders without relying on traditional banking systems.

Interactive Brokers’ rival, Robinhood, unveiled the Global Dollar Network last year. The initiative is a consortium effort centered on USDG, a dollar-pegged stablecoin issued by Paxos. 

The competitive backdrop highlights how large retail platforms are racing to wrap core brokerage services, such as deposits, withdrawals, and collateral management, around stablecoin rails.

Hedging against disruption

Interactive Brokers has been pushing into adjacent bets on market structure. Last year, it launched ForecastEx, a prediction market that allows investors to buy “yes” or “no” contracts tied to specific questions, a product the firm views as a hedge against disruption to its core equities, futures, and options franchise, as well as crypto. 

The company ended June with approximately 3.87 million customer accounts, up 32% from the same period a year earlier, as trading activity remained elevated during a year of policy-driven volatility. 

Its shares have gained roughly 47% year to date, outpacing a sector index that has risen about 20%. Analysts at Morningstar recently called the predictions market and crypto offerings an “effective hedge” for the business.

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One official at a federal consumer protection agency is reportedly raising concerns over JPMorgan Chase’s plan to charge fintech fees for customers’ account data.

An unnamed politically appointed official with the Consumer Financial Protection Bureau (CFPB) believes the agency’s efforts to kill in court an open banking rule enacted under former US President Biden may be giving JPMorgan Chase the opportunity to charge the fees, reports Bloomberg.

The same official is discussing the issue with concerned fintech firms, according to multiple sources who asked to remain anonymous to talk about the controversial matter.

The CFPB open banking rule, which was finalized last year, prevents banks from imposing charges on third parties such as Coinbase, Venmo and PayPal to access customers’ deposit and credit card account information as a way to ensure competition.

However, CFPB’s Acting Director Russell Vought is now asking a federal judge to vacate the rule on several grounds, arguing that Section 1033 of the Dodd-Frank Act “does not authorize the Bureau to prohibit banks from charging any fees for maintaining and providing access through the required developer interfaces.”

Critics of JPMorgan Chase’s fee proposal say it could stifle the fintech sector.

Graham Steele, the former assistant Treasury secretary for financial institutions in the Biden administration, says the Trump administration’s efforts to shutter the CFPB and delete Biden-related policies are wreaking havoc in the fintech industry.

“By repealing the rule without fully thinking it through, they have caused a lot of problems in the marketplace and for consumers.”

The CFPB did not respond to the media’s request for comment at time of publication.

Meanwhile, JPMorgan CEO Jamie Dimon defended the fee proposal during the bank’s second-quarter earnings call.

“It just costs a lot of money to set up the APIs and stuff like that to run the system protection.”

Critics of the bank fees include cryptocurrency companies and investors.

Says Alex Rampell, a general partner at venture capital firm Andreessen Horowitz,

“Make no mistake: this isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow.”

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JPMorgan Chase CEO Jamie Dimon is defending the bank’s controversial plans to charge fintech companies such as PayPal and Coinbase fees for access to customers’ account information.

In an earnings call for the second quarter of 2025, Dimon said that the fintech-fee decision was made to protect its customers when asked about the new policy.

“So, this is very important. So forget pricing for a second, we are in favor of the customer, but we think the customer has the right to if they want to share their information. What we ask people to do is, what do they – do they actually know what’s being shared? What is actually being shared? It shouldn’t be everything. It should be what their customer wants. It should have a time limit because some of these things went on for years. It should not be re-marketed or resold to third parties. And so, we’re kind of in favor of all that, done properly.

And then the payment, it just costs a lot of money to set up the APIs and stuff like that to run the system’s protection. So, we just think it should be done and done right. And that’s the main part. It’s not like you can’t do it.”

The fintech companies use the information to make it easier for their customers to send, receive and trade money. JPMorgan is reportedly poised to collect hundreds of millions of dollars in fees for the service.

Alex Rampell, general partner at Andreessen Horowitz and co-founder of the buy now, pay later business Affirm, is slamming JPMorgan’s move, warning it will make it more difficult to move money into crypto.

“This isn’t about a new revenue stream. It’s about strangling competition. And if they get away with this, every bank will follow…

If it suddenly costs $10 to move $100 into a Coinbase or Robinhood account – maybe fewer people will do it.”

Arjun Sethi, co-CEO of crypto platform Kraken, is criticizing JPMorgan for “asserting ownership over data that is generated by users but stored inside infrastructure the bank controls.”

“We should not be optimizing for defensibility through restriction. We should be leveraging our position and profitability to build better access, more open architecture and more composable systems. That means investing in protocols, not just platforms. It means participating in shared infrastructure, not just extracting value from it.”

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An elderly JPMorgan Chase customer is out thousands of dollars after scammers convinced him he won a big prize.

An 87-year-old man from Portland, Oregon, lost a total of $13,000 to scammers who told him he needed to pay them money to receive hundreds of thousands of dollars and a new SUV, reports the NBC-affiliated KGW8.

The victim, whose name was not provided, says he received a call one morning from a man claiming he won a Publishers Clearing House prize.

“[He said] that I won second prize. Second prize is $850,000 and $150,000 in cash. And additionally, I was going to [get] a Mercedes SUV.”

However, the victim says he was told he had to meet someone at his bank and hand over money to receive it. He says he followed the instructions and was met by a thief who walked with him into a Chase Bank branch in Northwest Portland.

“I said, how much money do you need? He said $10,000. I said, what’s that for? He said, well, we need people to insure the car, give it license plates, install the plates. It sounded reasonable at the time.”

The scam didn’t stop there. He says the thief got him to come back later that day and withdraw another $1,500, as well as go to CVS to buy three $500 gift cards.

However, he says that when his wife, Iris, came home and he told her about the situation, she realized he had been scammed. She says the bank teller should have figured out her husband may have been a victim of fraud before letting him withdraw the funds.

Says Iris,

“When I got home he said, ‘I have good news for you. We won Publishers Clearing House. We’re going to get a big check.’ After that, I had a meltdown. None of this would have happened if the teller had called a manager. None of this would have happened, and it’s not like he looks like a young man. There was a man, like, shadowing him.”

A Chase Bank spokesperson says the firm is looking into the matter. The Portland Police are also investigating.

Says the victim,

“I used to be a very bright guy, and I feel very stupid now having bought this.”

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The banking giant Wells Fargo is reportedly refusing to reimburse a disabled customer who lost thousands of dollars to scammers who impersonated bank employees.

52-year-old Paul Schendel, a diabetic man who was disabled due to a back injury, lost $6,805 to scammers posing as Wells Fargo employees, reports the local news station FOX 26.

Schendel received a phone call one day from a number that showed up as Wells Fargo on the caller ID. The caller, who had specific knowledge of his banking details, told him that fraudulent activity had been detected on his Wells Fargo account.

Later that day, a woman came to his door, cut up his bank card and took the pieces with her, including the chip. The woman even told Schendel that he should go to the bank the next day to get a new card.

But when Schendel went to Wells Fargo, he was informed that the bank would never conduct such activities or ever call customers, and that the funds in his account would likely never be recovered.

Schendel eventually got a letter from Wells Fargo confirming that the bank would not reimburse his losses.

Says Wells Fargo,

“We have completed our research of your inquiry about the charges of $6,805 on your account… Based on the information available to us, and because the transactions were made using your card and Personal Identification Number (PIN), we found it was made by you or someone who had your permission. Please consider your claim closed.”

FOX26 says it reached out to Wells Fargo to learn about Schendel’s case, but has not yet received any word from the banking giant.

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The Office of the Comptroller of the Currency (OCC) is taking action against a former bank employee who allegedly stole millions of dollars from customer accounts.

The OCC says it’s issuing an order of prohibition against William Shane Garrow, the former senior vice president of private banking for a subsidiary of BOK Financial in Tulsa, Oklahoma.

Says the OCC,

“Between approximately March 17, 2021 and March 12, 2024, respondent misappropriated approximately $3,437,536 from multiple customers’ accounts under the bank’s custody for his personal benefit, without the customers’ knowledge or authorization.”

According to the OCC, Garrow engaged in unsafe and unsound practices and violations of law that resulted in significant losses for the bank.

The regulator has now banned Garrow from working at insured depository institutions, including banks and credit unions. The former bank executive is consenting to the issuance of the order without admitting or denying the OCC’s findings.

The OCC action comes after Garrow pleaded guilty to bank fraud and willfully making and subscribing a false Federal income tax return. Garrow was sentenced last month to 71 months in prison. He was also ordered to pay $3.86 million in restitution and $1.519 million to the IRS.

Prosecutors said Garrow directed fraudulent wire transfers and cashier’s checks from at least 16 client accounts to entities and bank accounts that he controlled. If a client asked about the transactions, Garrow blamed it on a banking error and would return the funds stolen or transfer money from another victim’s account.

Said US Attorney Clint Johnson last month,

“Garrow deceived people for over 12 years, and his actions wreaked havoc on banking personnel who were tasked with correcting his wrongs. This was not a simple banking error or an accident, but rather a criminal scheme. Garrow abused the trust given to him by the bank and its customers.”

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