Binance.US has added FDIC insurance coverage for U.S. dollar deposits
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It sounds like there is a grand total $250k of FDIC insurance to cover deposits in the event of a bank failure. One pooled bank account with $250k of insurance. So, probably < 0.1% insured in the event of a problem with the bank. FDIC doesn't cover problems with the exchange.
can you clarify FDIC coverage for cash?
Is it $250k total for all of Binance US or $250k/user account?
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It's $250k/user account.
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Somehow I don’t see a traditional sacred cow like the FDIC ever bailing out a bank account for a cryptocurrency exchange or its customers.
I bet that even if not in the fine print your analysis is spot on....
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