Binance.US Says Dollar Deposits Aren't FDIC Insured

Binance.US emailed users with two big pieces of news this week. First, dollar deposits on the platform aren't FDIC insured, as previous posts had suggested. FDIC insurance protects deposits in insured bank accounts against bank failure, but that coverage does not extend to cryptocurrencies.

Second, Binance.US says customers will no longer be able to withdraw dollars from the platform. "In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," said the message.

If you're a Binance.US customer, it's worth understanding what these moves mean for you.