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Binance US updated its terms: User cryptocurrency deposits will no longer be covered by FDIC insurance.

According to a report by Decrypt on October 17th, Binance US has notified its users that their cryptocurrency deposits will no longer be covered by FDIC insurance. As per the updated terms of service, users must first convert their US dollars into stablecoins or other cryptocurrencies before withdrawing funds. This move comes after the FDIC warned that funds held in "cryptocurrency-based financial services providers" are not covered or protected by FDIC insurance.

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A certain whale continues to sell off AAVE and WLD, having deposited a cumulative $51.4 million in tokens to CEX over the past 10 days.

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