FDIC clarifies the status of cryptocurrency insurance
Customers will not be insured against losses in case of bankruptcy of crypto companies
01.08.2022 - 10:15
379
1 min
0
What’s new? The US Federal Deposit Insurance Corporation (FDIC) issued a statement saying that it protects only customers of insured banks. Assets issued by crypto companies are not within the institution’s purview. FDIC representatives stressed that they do not insure customers of non-banks, such as custodial platforms, exchanges, brokers, or wallet providers, against default, insolvency, or bankruptcy.
Document on the FDIC’s website
What other statements have been made? Crypto companies must make it clear to their customers that they are not insured, and their digital assets do not fall under the protection of the FDIC either. In this, insured banks are required to actively ensure that partner crypto companies do not make misleading statements by monitoring all marketing materials and other public information.
Earlier, the FDIC demanded that the bankrupt crypto broker Voyager Digital remove information from its resources stating that its customers have insurance from the corporation. Voyager claimed that fiat assets would be compensated to users through a partnership with Metropolitan Commercial Bank, which has FDIC insurance. However, MCB said that the insurance coverage is only available to the broker’s customers in the event of the bank’s own bankruptcy.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 533
BTC
+0.74%
-
Ethereum
$3 285.61
ETH
-2.54%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.41
XRP
+16.45%
-
Dogecoin
$0.397795
DOGE
+2.8%
-
Cardano
$0.954928
ADA
+18.63%
-
Bitcoin Cash
$485.76
BCH
+0.19%
-
Stellar XLM
$0.316213
XLM
+25.89%
-
Polkadot
$6.28
DOT
+7.24%
-
Litecoin
$90.03
LTC
+0.44%