USD deposits on Binance U.S. are now FDIC insured, according to a blog post published by the exchange on Friday.
According to Binance U.S., the exchange holds its customer’s USD deposits in “pooled custodial accounts” at 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,” Binance U.S. states in its blog post.
In mid-September, CEO Catherine Coley published a blog post answering some questions about Binance U.S. prior to its launch date. One of the questions asked whether Binance U.S. customers would be “insured against theft, hacking, etc,” with Coley answering that “Binance U.S. takes security seriously,” adding that “We prioritize customer protection and have measures dedicated to protecting customers from theft and hacking.”