Binance is the leading Cryptocurrency exchange in the world known for its highest daily trading volume with $151 million funding. Binance U.S. which was introduced previous monthly only for U.S. residents are the major wing of the major Cryptocurrency exchange announced that the dollar deposits of its customers is eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage.
FDIC assures deposits up to $250, 000.
In a recent blog published on October 18, Binance U.S. announced that the exchange keeps its U.S. dollar deposits in pooled custodial accounts at various banks that are protected by the FDICC, which is the major United States government agency created for the protection of consumers and the U.S financial system. Furthermore, the statement is given by Binance US that the pooled custodial accounts are created and handled in such a manner that it serves access to pass-through FDIC insurance coverage up to the depositor coverage limit, which is at present $250,000. This FDIC insurance coverage secures depositors against the loss in the event that an FDIC-insured bank fails.
The FDIC was discovered in 1933 in order to provide and show confidence in the stability of the U.S. financial system and prevent the spread closure of banks at the time of depression. Whenever you are in doubt, get in touch with the team of experts via calling Binance Support Number which is functional all the time for support and guidance. The team is always there to handle your worries so that you can resolve your queries instantly.
Binance started accepting fiat
As told by Cointelegraph in May that institutional cryptocurrency primer dealer SFOX has begun offering state-insured bank accounts for its traders. SFOX talked about it and mentioned that in the beginning, the move was taken to for an Industry first. For availing more information about Binance and its new updates, feel free to contact the team via calling on Binance support Phone number which is functional all the time. The team is there to support you and makes sure to provide all the required information that could be helpful in fixing errors in no time.
Zhao explained that Binance is not working directly with WeChat or Alipay and that users are still able to use them for peer-to-peer transactions. Recent in Cointelegarph, it has been reported that the futures platform of Binance is escalating maximum leverage and margin on Bitcoin (BTC)/ Tether (USDT) contracts to 125x. The CEO of Binance, Changpeng Zhao confirmed that the exchange has started accepting fiat currencies via online payment service Alipay and mobile messaging and payment app WeChat. The CEO of Binance also mentioned that Binance is not in direct working conditions with WeChat or Alipay and also mentioned that users are still able to use them for peer-to-peer transactions. Binance is known for providing over 90 coins for trading and provides user-friendly interface so that there is no problem faced by an user while trading. Founded in 2017, this exchange is popular worldwide for providing seamless services for trading.