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stay informed of security of funds in crypto
Over the past several months, some crypto companies have suspended withdrawals or halted operations. In some cases, these companies have represented to their customers that their products are eligible for FDIC deposit insurance coverage, which may lead customers of these companies to believe, mistakenly, that their money or investments are safe. The FDIC is concerned that some customers of crypto companies, such as crypto custodians, exchanges, brokers, wallet providers, and neobanks may be confused about whether, and if so, how, they may be covered by FDIC deposit insurance. This Fact Sheet is intended to address some common misconceptions about the scope of deposit insurance coverage and whether deposit insurance applies to funds that customers provide to these crypto companies. Read the full article and fact sheet from the FDIC.