The North American division of leading cryptocurrency exchange Binance has announced Federal Deposit Insurance Corporation (FDIC) coverage for USD deposits.
According to an official blog post published Oct. 18, Binance.US says US dollar deposits on the exchange are now eligible for FDIC insurance coverage, as they would for traditional bank account deposits.
The release states that client funds are held in pooled accounts that are covered by the FDIC,
All USD deposits are held in pooled custodial accounts at multiple 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.
The post continues,
FDIC insurance coverage protects depositors against the risk of loss in the event that an FDIC-insured bank fails.
Following its launch in mid-September with a limited selection of crypto-asset trading pairs, Binance.US has announced support for chainlink (LINK), ravencoin (RVN) and zcash (ZEC).
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