Binance.US Adds IOTA & BUSD & Increases The ACH Deposit And Withdrawal Limit
Binance.US Is Adding Two New Digital Assets To Its Platform, Viz. BUSD And IOTA.
Trading for BUSD/USD, BTC/BUSD, and IOTA/USD trading pairs open on Oct. 22, at 9:00 pm EST / 6:00 pm PST.
The addition of these three new trading pairs would take the total tally of available markets on Binance’s US platform to 19.
— Binance.US (@BinanceAmerica) October 22, 2019
This listing meanwhile didn't have any effect on IOTA price as the 17th largest cryptocurrency has been up by only 0.29% while trading at $0.2685 as per Coincodex.
ACH Limits For USD Deposits And Withdrawals Increased
Apart from adding two new digital assets and three trading pairs, Binance.US has also increased the ACH limit for USD deposits and withdrawals.
Starting Oct. 21, a user can now send an initial ACH deposit of up to $5,000, after the completion of fiat verification. Though trading is possible immediately, for withdrawal, you have to wait for 10 days.
After 10 days, the ACH deposit limit will further increase to $30,000 and then again after 10 days period, you will be able to withdraw them. There are no fees on USD deposits or withdrawals made via ACH.
These limits are not placed on wire transfer but for that, you may be charged a fee by your bank.
— Binance.US (@BinanceAmerica) October 21, 2019
Binance.US Users FDIC Insured
Just recently, Binance.US also announced that its customers’ dollar deposits are eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage.
All of the USD deposits up to $250,000 are held in pooled custodial accounts at multiple banks that are insured by the FDIC. This insurance coverage protects deposits against the risk of loss in the event of an FDIC-insured bank fails.
Binance US CEO Catherine Coley further confirmed that this coverage covers $250k per user account after Kraken CEO Jesse Powell questioned the extent of coverage stating, “FDIC doesn't cover problems with the exchange.”
The same week, Binance’s futures platform increased the maximum leverage on BTC/USDT contracts to 125x.