September 25, 2022

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

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

According to the blog of the exchange, the site stores deposits of its customers in US dollars on “common custodial accounts” with banks that are insured by FDIC.

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

In mid-September, Binance CEOU.S. Catherine Coley posted a blog entry that answered some questions about the upcoming launch of Binance U.S. Then she noted that “Binance U.S takes security seriously” and added that “we give priority to protecting customers and take measures to protect against theft and hacking.”

Mid-September Binance American Branchopened 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 in June Binance revised the company's internal policy and decided to restrict access to the global platform for users from the United States.