I've been hearing a lot about Binance recently, and I'm considering using it to store my cash. But I'm a bit worried about the safety of my funds. After all, we've seen so many cases of exchanges being hacked and users losing their money. So, I want to know, is my cash really safe in Binance? What kind of security measures do they take to protect their users' funds? And how often do they update their security systems to ensure they're always up to date with the latest threats? I'd appreciate it if you could give me some insight into this matter. Thank you!
7 answers
ShintoMystical
Sun Mar 31 2024
All cash deposits made on Binance.US are held in U.S. banks.
Giuseppe
Sun Mar 31 2024
Cryptocurrency traded on Binance is not insured.
WhisperEcho
Sun Mar 31 2024
These deposits are insured up to $250,000 by the Federal Deposit Insurance Corp.
CryptoNerd
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers similar services to Binance.
Claudio
Sun Mar 31 2024
The company maintains a Secure Asset Fund for Users (SAFU), which exceeds $1 billion.