Crypto Insurance

[GerbertPhills]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

[Dr.Bitcoin_Strange]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

Wonderful matter! Wallets that are not custodial are those that you control directly, rather than depending on an outside party, such as a digital currency exchange. This means you have complete control of your passwords and funds. So, even if something happened to the exchange where you are now keeping your USDT, you would still be able to retrieve your funds. Non-custodial wallets can be hardware or software wallets (such as the Ledger or Trezor) or software wallets (such as Exodus or Metamask). The primary benefit of using a non-custodial wallet is that it allows you to be more protected. With it, you aren't obligated to depend on an outside party to keep your cash safe, and you're less likely to become the target of hackers and losing them.

[Crwth]

@OP I haven't had the chance to see companies that are offering that kind of service. Maybe it's a matter of time. Because I know there are pet insurances that offer that or something.

Upon a quick search, I saw this site. https://www.evertas.com. It's mining-related but maybe they can offer you the service that you want.

~snip
Wonderful matter! Wallets that are not custodial are those that you control directly, rather than depending on an outside party, such as a digital currency exchange. This means you have complete control of your passwords and funds. So, even if something happened to the exchange where you are now keeping your USDT, you would still be able to retrieve your funds. Non-custodial wallets can be hardware or software wallets (such as the Ledger or Trezor) or software wallets (such as Exodus or Metamask). The primary benefit of using a non-custodial wallet is that it allows you to be more protected. With it, you aren't obligated to depend on an outside party to keep your cash safe, and you're less likely to become the target of hackers and losing them.

I don't think you answered his question and it seems pretty of topic with what the OP is asking.

[Don Pedro Dinero]

I don't think you answered his question and it seems pretty of topic with what the OP is asking.

It is clearly off topic because the OP is simply asking for insurance and is not even thinking about moving his funds to a non-custodial wallet as he has them on Binance because he is paid interest for having them there. It's another thing if we wouldn't do it, I particularly wouldn't, but what the OP is asking about is insurance.

What I would do, OP, is to contact insurers in the country where you live and ask if they offer this service, especially if they also offer it for other financial assets.

[milewilda]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

There's no insurances about crypto losses and if there's one then i havent been able to encounter on which it is really that just that safe to assume that there would really be no in existence.
Why? this market is really that prone into those huge losses, insurances cant really be able to afford on patching it up. If they would really be that asking for those policies or insurance
then for sure it wont come cheap.

Also, you should have been aware that putting up that huge money on non custodial platforms is never been that considered safe. It is one of the main
risks when dealing up with these things on which its important that you should be aware.

[Cryptsafe]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

Your thoughts are of good and great idea and binance is a good one for such project but have you had the thought if you wake up one day and start hearing news that are not pleasant to the ears? Have you had a second thought of what would happen if you are no more and nobody or your kinsmen knows about your funds in binance to claim it.  Neither you or your kinsmen have access to such funds as the keys to the wallets is not in your possession. Have you had such thought before?
I will advise, if you can, buy Bitcoin and or any other good quality project with good use case and utility value and hold as we are close to Bitcoin halving and possibility of bull run at hand would definitely do the wonders for you.
This is not a financial advise but just a humble comment and contribution to conversation.

[Gurujebs]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

Why would you even risk $300k on a centralized exchange? Don't you know they can hold onto your money anytime? We have seen many cases like this and they didn't end well. I will advice you to take that money from the exchange, get a personal hardware wallet and keep it there so that nobody will have access to the private key but you alone.

If you want staking of your usdt so badly, maybe you should try the decentralized staking platforms available. If you lose your money today, Binance might say that have an insurance money in billions to cover losses but that money isn't enough to cover all the money under their custody and I'm also not sure if there is anything like insurance for keeping money on any exchange. Always remember that not your coins not your keys.

[Jating]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

Why would you even risk $300k on a centralized exchange? Don't you know they can hold onto your money anytime? We have seen many cases like this and they didn't end well. I will advice you to take that money from the exchange, get a personal hardware wallet and keep it there so that nobody will have access to the private key but you alone.

This is also my question when I hear the OP saying that he had $300k on a centralized exchange? Regardless what exchange it is, even if it is top tier, I wouldn't put to much money like that. And in any case though, isn't it we are "Be your own Bank"? it means there are no insurance here but instead we ourselves should have the responsibility to handle our own coins. And probably this is why someone says that there is off topic when we are just advising the OP to held that kind of huge money in a wallet that he can control.

[Report]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

Well, 300,000 USDT is a very large amount, if I had those funds, I would transfer them to a local bank as a deposit.
This concept does not require waiting for Binance to go bankrupt like you said about FTX.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

If you "feel" that Binance will go bankrupt, withdraw now your funds worth 300,000 USDT, just save and deposit it in Fiat Bank.
If you think all cryptocurrency platforms can no longer be trusted, such as Binance, FTX, etc.

Is there any insurance you know about that can provide that?

Insurance in cryptocurrency?
I've never heard of it and I'm also just learning about cryptocurrency in this forum, as far as I know, insurance only exists in real businesses that are affiliated with various Fiat Banks. CMIIW

[Sim_card]

There is nothing like insurance in crypto, because only you have the asses to insure that your coins are safe in your noncustodial wallet. Apart from that anything with third party on cryptocurrency have no insurance. I don't know if Binance is operating officially in your country, but let's look at the FT case. The customers lost their funds and SBF goes to 25 years imprisonment. Don't let greed reap you off your funds, because of little interest. Who knows the exchange that is next to crash.

[Cryptsafe]

There is nothing like insurance in crypto, because only you have the asses to insure that your coins are safe in your noncustodial wallet. Apart from that anything with third party on cryptocurrency have no insurance. I don't know if Binance is operating officially in your country, but let's look at the FT case. The customers lost their funds and SBF goes to 25 years imprisonment. Don't let greed reap you off your funds, because of little interest. Who knows the exchange that is next to crash.

I think this insurance is some how feasible for Crypto exchange and they can guarantee you a return if anything happens to your assets and investment but and mind you all these insurance cover is when they are in possession of your assets  and they hold the private keys to their name then insurance is guaranteed but if you are in possession of your assets I do not think anybody can guarantee you insurance since they have none of your assets in their possession.

I believe they are currently looking into that direction  and would likely come up with a proposal for that. Already, there is a news already circulating online about it.

[Gurujebs]

There is nothing like insurance in crypto, because only you have the asses to insure that your coins are safe in your noncustodial wallet. Apart from that anything with third party on cryptocurrency have no insurance. I don't know if Binance is operating officially in your country, but let's look at the FT case. The customers lost their funds and SBF goes to 25 years imprisonment. Don't let greed reap you off your funds, because of little interest. Who knows the exchange that is next to crash.

He is thinking like the way Banks worls. Every money deposited in the commercial banks must be insured and some percentage of the liquidity will go to the central Bank so that the money wouldn't be held all by the bank, in the case of any mismanagement of the funds, central bank can conver losses for the customers.  This is not how crypto work nor even centralized exchanges.

If you leave your coins on any of the centralized exchanges, it means you are entrusting your coins to them and you have the confidence that by the time you need it back, they will give it to you back in good faith, you should be careful about that because centralized exchanges are not to be trusted. You don't know what could go wrong tomorrow just like the way you explain the faith of FTX.

[kulkhan]

No anything is secured in this world. Even Digital currency is also not fully secured. There are huge crypto-currency exchanger available but all are not secured, we also saw FTX problem some days ago. But i think Binance is more secured then others cryptocurrency Exchangers. But it also true that Binance also fall thats kinds of problem.
I think your proposal is better. And we have to trust if we use any Exchanger.

[robelneo]

I am interested in an insurance coverage of 300,000USDT that are stored on my Binance account. I am concerned about Binance being bankrupt same as FTX was at some point and I would like to have a cover for this specific case only.

I am storing my USDT on products in the EARN category that provide me with annual returns.

Is there any insurance you know about that can provide that?

Thanks a lot

You better ask Binance about that since they are the ones you're going to store your coins, but for me, it's a big gamble and a high risk unless you are comfortable with whatever the outcome, it has been said a thousand times before never store your coins in a custodial wallet even top companies in the industries can fail.
Why not buy it all with Bitcoin I would have done that if I had that huge money but it's your money but you have to protect it by making the right decision.

[notblox1]

You better ask Binance about that since they are the ones you're going to store your coins, but for me, it's a big gamble and a high risk unless you are comfortable with whatever the outcome, it has been said a thousand times before never store your coins in a custodial wallet even top companies in the industries can fail.
Why not buy it all with Bitcoin I would have done that if I had that huge money but it's your money but you have to protect it by making the right decision.

I dont think he is storing a single dollar on Binance exchange.
Nobody who owns 300,000 USDT would come to crypto forum and write about that asking for insurance.
Holding that much money should be done in offline personal wallets, not on centralized exchanges that can be worse than banks.