News Explorer — Binance US no Longer Offers FDIC Insurance for User Deposits, Requiring Them to Convert USD Before Withdrawing

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Oct 17, 10:17 am

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Binance US no Longer Offers FDIC Insurance for User Deposits, Requiring Them to Convert USD Before Withdrawing

Binance US has updated its terms of service, stating that users' crypto holdings with the exchange are no longer FDIC-insured. The change comes after guidance from the FDIC, and users will now need to convert their U.S. dollars into stablecoins or other cryptocurrencies before withdrawing. The FDIC has recently warned that money deposited with crypto-based financial services providers is not FDIC-insured.

Binance US has updated its terms of service, stating that users' crypto holdings with the exchange are no longer FDIC-insured. The change comes after guidance from the FDIC, and users will now need to convert their U.S. dollars into stablecoins or other cryptocurrencies before withdrawing. The FDIC has recently warned that money deposited with crypto-based financial services providers is not FDIC-insured.

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