Federal Trade Commission (FTC) in the United States issued a consumer warning, warning that encrypted assets are not covered by the Federal Deposit Insurance Corporation (FDIC). Cristina Miranda, a consumer education expert at the Federal Trade Commission, explained that if your bank has FDIC insurance, then if the bank fails, you can get up to $250,000 in protection. In contrast, if a cryptocurrency company fails, the funds you deposit with the cryptocurrency financial services provider will not be covered or protected by the Federal Deposit Insurance Corporation. Golden Finance Note: The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that provides insurance for bank deposits held by member institutions, with a maximum insurance amount of $250,000 per depositor.
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US FTC warns consumers that cryptocurrencies are not covered by the FDIC
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