TechFlow news — Binance.US notified its users today that cryptocurrencies held on its exchange are no longer insured by the U.S. Federal Deposit Insurance Corporation (FDIC).
The updated terms of service indicate that users must first convert their U.S. dollars into stablecoins or other cryptocurrencies before withdrawing funds. Recently, the FDIC warned individuals that money held with crypto financial service providers is not protected by FDIC insurance. The FDIC emphasized that crypto deposits are categorically uninsured, and the government will not necessarily intervene to assist in recovering funds.
Add to Favorites
Share to Social Media
