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Binance U. S insured users ' funds with the US Federal Deposit insurance Corporation

Binance U. S insured users ‘ funds with the US Federal Deposit insurance Corporation

Deposits in US dollars in the us branch of the Binance cryptocurrency exchange are now insured by the Federal Deposit insurance Corporation (FDIC).

As reported in
the exchange’s blog, the platform stores its clients ‘ deposits in US dollars in “shared custodial accounts” in banks that are insured by the FDIC.

“Shared custody accounts are maintained in such a way as to provide access to FDIC insurance coverage up to the limit, which is currently $250,000,” Binance said in a statement.

In mid-September, the Director-General Binance U. S Catherine Cole (Catherine Coley) has published the entry
in the blog, which answered some questions in connection with the upcoming launch Binance U. S. Then she said that “Binance U. S is serious about security” and added that “we give priority to the protection of clients and the measures taken to protect from theft and hacking.”

In mid-September, the American branch of the Binance opened
user registration and started accepting deposits. The site is currently unavailable in 13 States due to regulatory issues. The launch of the new exchange occurred after Binance revised its internal policy in June and decided to restrict access to the global platform for users from the United States.