The post Binance.US No Longer FDIC-Insured, Halts USD Withdrawals appeared first on Coinpedia Fintech News
Binance.US has officially ceased allowing users to withdraw U.S. dollars directly from their accounts. This decision came to light when the platform updated its terms of use. Now, if users wish to withdraw U.S. dollar funds, they must first convert these funds to stablecoin or other digital assets, which can then be withdrawn.
The updated terms of use state, “Digital Assets are not legal tender, are not backed by any government, and accounts and value balances are not subject to protections or insurance provided by the FDIC or the Securities Investor Protection Corporation (SIPC).”
The loss of FDIC insurance isn’t the only challenge Binance.US is facing. The exchange has been under the regulatory microscope, particularly from the U.S. Securities and Exchange Commission. The SEC has raised concerns about Binance.US’s compliance with specific regulations, leading to increase
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