According to Decrypt, Binance US, the US arm of Binance, the world's largest cryptocurrency exchange, informed its users today that their cryptocurrency assets on the exchange are no longer FDIC insured.
Stating that Binance US sent an e-mail to its users, Decrypt stated that Binance US had changed its terms of service and “updated the deposit insurance language”.
It was stated in the news that Binance US made this change as a result of the guidance of the FDIC.
Binance US first announced in 2019 that its exchange accounts were FDIC insured up to $250,000.
With the latest change, Binance US's terms of service read “Your accounts and digital assets are not eligible for FDIC insurance protection.” It was stated that the statement was included.
The news stated that Binance US made this update right after the FDIC warned investors that their cryptocurrency assets are not FDIC insured or protected.
“Be aware that cryptocurrency deposits are not FDIC insured. If something happens, the government may have no obligation to step in and help you get your money back,” the FDIC warning said. statements were included.
*This is not investment advice.