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.
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.