binance us
US Dollar Deposits On Binance US Now Have FDIC Insurance Coverage
October 19, 2019
binance us
US Dollar Deposits On Binance US Now Have FDIC Insurance Coverage
October 19, 2019

Binance US — the United States-focused wing of major cryptocurrency exchange Binance — announced that its customer’s dollar deposits are eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage.

FDIC insures deposits up to $250,000 Dollar

On Oct. 18, Binance US announced in a blog post announced that the exchange holds its US dollar deposits in pooled custodial accounts at different banks that FDIC has insured.

FDIC is a United States government agency that is designed to protect consumers and the US financial system.

Binance US explained:

“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. FDIC insurance coverage protects depositors against the risk of loss in the event that an FDIC-insured bank fails.”

The FDIC was established in the year 1933 to provide stability to the US financial system and prevent the closure of banks during the Great Depression.

ALSO READ :  Co-Founders Of Bidooh Confesses Stealing Intellectual Property From Their Own Company For Selling It To Third Parties

Binance Expansion

On Oct 1. cryptonewspoint, reported that the United States-based branch of major cryptocurrency exchange Binance opened account registration and verification services for the residents of Puerto Rico.

On Sept. 25. Binance announced that it has added the options for debit and credit cards as a payment option to buy cryptocurrencies directly via its payment processing firm Koinal.

It also launched a dedicated exchange-traded product (ETP) for Binance Coin (BNB) on a Swiss Stock Exchange.

Meanwhile Binance users can now use popular Chinese applications like WeChat and Alipay in P2P transactions.


Source: Cointelegraph.com | Image: en.cryptonomist.ch


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!