December 5, 2023

Binance U.S Insured User Funds at the US Federal Deposit Insurance Corporation

Deposits in US dollars at the US branch of the cryptocurrency exchange Binance are now insured by the FederalDeposit Insurance Corporation (FDIC).

According to the exchange's blog, the platform holds its clients' US dollar deposits in "general custodial accounts" at FDIC-insured banks.

“General custodial accounts are maintained by suchin a manner that provides access to FDIC coverage up to the limit, which is currently $250,000,” — Binance said in a statement.

In mid-September, Binance CEOU.S. Catherine Coley published a blog post answering some questions regarding the upcoming launch of Binance U.S. At the time, she noted that “Binance U.S. takes security seriously” and added that “we prioritize customer protection and take measures to protect against theft and hacking.”

In mid-September the American branchBinance opened user registration and began accepting deposits. The site is currently unavailable in 13 states due to regulatory issues. The launch of the new exchange came after Binance reviewed the company’s internal policies in June and decided to limit access to the global platform for US users.