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.