Binance’s American entity, Binance.US, has officially informed its customers that their digital assets held on the exchange are no longer Federal Deposit Insurance Corporation (FDIC) insured.
This change follows a previous advisory from the US agency, alerting individuals to the fact that funds placed with financial service providers dealing in cryptocurrency do not fall under the protection of FDIC insurance.
Binance.US Crypto Assets Lose FDIC Coverage
Binance.US has notified its customers that the Federal FDIC no longer insures their crypto assets. The notification was delivered via an email stating that the US arm of Binance has changed the language regarding deposit insurance in its terms of service, citing an update to the firm’s terms of service guided by the FDIC.
The development comes after the crypto exchange had initially announced FDIC insurance for its users’ accounts, assuring them that their funds were secure up to $250,000. However, as stated in a now-deleted 2019
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