Binance.US Informs Clients of FDIC Asset Insurance Removal

Binance's US subsidiary, Binance.US, has officially informed its clients that their crypto assets on the exchange are no longer insured by the Federal Deposit Insurance Corporation (FDIC).

- The change comes after the FDIC warned that funds deposited with financial service providers that deal with cryptocurrencies are not eligible for FDIC insurance protection.

- Binance.US has changed its terms of service regarding deposit insurance based on FDIC recommendations.

- Binance.US customers now need to convert their USD into stablecoins or other cryptocurrencies before making withdrawals.