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.
In a blog post on Oct. 18, Binance.US announced that the exchange holds its U.S. dollar deposits in pooled custodial accounts at different banks that are insured by the FDIC, which is a United States government agency designed to protect consumers and the U.S. financial system. Binance.US explained: