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Binance US, a popular cryptocurrency exchange, has recently updated its terms of service, no longer offering FDIC insurance for crypto deposits. This decision has raised concerns among users who relied on the insurance to protect their assets. The change comes after Binance US had previously announced in 2019 that USD deposits were insured by the FDIC. The removal of this insurance coverage highlights the potential risks associated with cryptocurrency investments and further emphasizes the need for users to exercise caution when dealing with digital assets.
The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, per Reuters
In an Oct. 16th update to https://t.co/WCc3u9W2uk' exchange terms of service, it was clarified that digital assets are not eligible for FDIC insurance coverage. https://t.co/JnE8obwuD0
https://t.co/Rpd3Aax9ZU Halts Direct Dollar Withdrawals - CoinDesk U.S. dollar deposits in user wallets are no longer eligible for FDIC insurance protection, according to the updated terms of use. https://t.co/StK0MGQA09
After announcing that USD deposits were insured by the FDIC in 2019, @BinanceUS has now updated its terms of service to indicate that that's no longer the case. Read more below: https://t.co/QZXwaCH3vS
Binance US Says Crypto Deposits Are No Longer FDIC Insured ► https://t.co/TwB2Kr5t1a https://t.co/TwB2Kr5t1a