The U.S. Federal Trade Commission (FTC) has warned consumers that crypto deposits are not insured by the Federal Deposit Insurance Corporation (FDIC). “That money isn’t FDIC insured or protected if the crypto company goes under,” the agency cautioned. “If something happens, the government may not have an obligation to step in and help get your money back.”
FTC’s Crypto Warning
The U.S. Federal Trade Commission (FTC) issued a Consumer Alert on Thursday warning that crypto assets are not FDIC-insured. The FDIC is an independent federal agency that provides insurance for bank deposits held by member institutions of up to $250,000 per depositor.
“If your bank is FDIC insured, you’re protected up to $250,000 if the bank fails,” FTC’s Consumer Education Specialist Cristina Miranda explained. In contrast, she stressed:
The funds you deposit with a crypto-based financial services provider … That money isn’t FDIC insured or protected if the crypto company goes under.
She
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