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Binance US, the American affiliate of cryptocurrency exchange Binance, has updated its terms of service to remove FDIC insurance for USD deposits. The move comes as the company cites reduced enthusiasm for Web3 and a fragile global economic environment. Coinbase, another major crypto exchange, has also made changes by removing 80 non-USD trading pairs, which account for an immaterial amount of its total trading volume. These developments reflect the evolving landscape of the cryptocurrency industry and the challenges it faces in a changing economic climate.
Binance’s U.S. affiliate cuts off USD withdrawals: CNBC Crypto World https://t.co/VrsOQrPvL5
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/TUa6o1PcAP updates its terms of use to stop dollar withdrawals, saying users must convert "US dollar funds to stablecoin or other digital assets" (@iamsandali / CoinDesk) https://t.co/9jMLstnSXE 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/nmtcpCYnuK
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
Coinbase has removed a few dozen trading pairs from its platform in a bid to 'improve overall market health' https://t.co/K1LWlRLeQf
Binance US Says Crypto Deposits Are No Longer FDIC Insured ► https://t.co/TwB2Kr5t1a https://t.co/TwB2Kr5t1a
📣 Latest News: Coinbase suspends 80 non-USD trading pairs to improve liquidity #news #cryptonews #crypto
🇺🇸 Crypto exchange Coinbase has removed another 80 non-USD trading pairs. According to the firm, they account for an “immaterial amount” of its total trading volume. https://t.co/CnvS3mqi4b
Coinhouse justified the cuts by pointing to the "reduced enthusiasm for Web3 and a fragile global economic environment." Read more below https://t.co/3ioi4ZrMqN