Once they have a key, they can obtain and spend cryptocurrency. Without the key, the holder can’t spend or convert their cryptocurrency — rendering their holdings worthless unless and until the key is recovered.
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.

“You can’t ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls,” she said.
We couldn’t find any information from Binance.US about its security measures and protections, and the company did not respond to a request for comment. The most descriptive information on the Binance.US site is the following statement, from its homepage: “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”