🚨 **Crypto Exchange Update** 🚨
Binance US has recently communicated to its users that their cryptocurrency deposits are no longer covered by the Federal Deposit Insurance Corporation (FDIC) insurance. Some key points:
- Binance US previously claimed to have FDIC insurance, safeguarding up to $250,000 in 2019.
- The change aligns with FDIC's recent statement that deposits with crypto-based financial service providers aren't FDIC-protected.
- Per updated terms, Binance US users are now required to convert dollars into stablecoins or cryptocurrencies for withdrawals.
Always be aware of terms and conditions on crypto exchanges!
