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Binance.US holds U.S. dollar deposits at custodial bank accounts, which are typically insured by the FDIC for up to $250,000 per customer. To date, Binance.US has not reported any security issues.
Cryptocurrency exchange Coinbase Global Inc. said it resolved technical issues on Sunday night that had prevented U.S. bank account users from making payments or withdrawals for most of the day.
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In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws. [136] In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money laundering and tax evasion . [ 137 ]
[32] [31] The sale of Binance's holdings in FTT, compounded with the low trading volume of FTT and the enmity between Zhao and Bankman-Fried, resulted in the price of the token plummeting. [33] [34] [35] Binance had received FTT from FTX in 2021 during a transaction in which FTX bought back Binance's equity stake in FTX. [36]
Some brokerages which also focus on other assets such as stocks, like Robinhood and eToro, let users purchase but not withdraw cryptocurrencies to cryptocurrency wallets. Dedicated cryptocurrency exchanges such as Binance and Coinbase do allow cryptocurrency withdrawals, however.
With high-profile cases against companies like Ripple, Coinbase, and Binance, the SEC has sought to expand its jurisdiction over the vast majority of crypto assets, taking advantage of a lack of ...
As cryptocurrency prices dropped significantly in 2022, particularly so after the collapse of cryptocurrency exchange FTX, depositors in Signature Bank began to withdraw deposits in the tune of billions of dollars; by the end of 2022, deposits in the bank totaled around $88.6 billion, down from $106.1 billion in deposits held at the beginning ...