USD deposits on Binance U.S. are now FDIC insured, according to a blog post published by the exchange on Friday.
According to Binance U.S., the exchange holds its customer's USD deposits in "pooled custodial accounts" at banks that are insured by the FDIC. "The pooled custodial accounts are maintained in a manner that provides access to pass-through FDIC insurance coverage up to the depositor coverage limit, which is currently $250,000," Binance U.S. states in its blog post.
In mid-September, CEO Catherine Coley published a blog post answering some questions about Binance U.S. prior to its launch date. One of the questions asked whether Binance U.S. customers would be "insured against theft, hacking, etc," with Coley answering that "Binance U.S. takes security seriously," adding that "We prioritize customer protection and have measures dedicated to protecting customers from theft and hacking."
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Mike Novogratz, the billionaire CEO of crypto investment manager Galaxy Digital, opined on the recent crisis in the Terra blockchain ecosystem, which saw the market collapse of both the LUNA token as well as the algorithmic stablecoin UST.