Cryptocurrency exchange Binance.US has made changes to its terms of service, indicating that direct withdrawals in USD are no longer supported on the platform. The updated terms state that users can convert their USD funds to stablecoins or other digital assets in order to withdraw USD funds from their accounts. This change has caused concern among some cryptocurrency enthusiasts, who criticize the option to buy Tethers or “shitcoins” instead of directly withdrawing USD. Binance.US emphasizes that digital assets are not eligible for insurance protections by the FDIC. The company has previously stated that if they terminate their relationship with a USD custodian, they will provide notice and time for users to withdraw their USD deposits. Any deposits not withdrawn by the deadline will be converted to stablecoin digital assets and transferred to users’ digital assets accounts. This update differs from a previous version that mentioned working with USD custodians to ensure USD deposits are held in FDIC-insured banks. Binance.US has faced challenges with maintaining its fiat on and off ramps, as it has suspended USD deposits in the past and warned of potential temporary solutions.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Bitfinex’ed Κασσάνδρα
Companies	Bitfinex, MoonPay, Binance.US, Federal Deposit Insurance Corporation (FDIC)
Currencies	Tether
Securities	None