![]() For more information about FDIC insurance and crypto companies, read the following fact sheet. ![]() For general information about FDIC deposit insurance, read the following frequently asked questions. Security features, Two-step verification, FDIC-insured USD balances up to 250,000, Gemini Wallet digital insurance, U2F security with a hardware key, and cold. To determine if an institution is FDIC–insured, you can ask a representative of the institution, look for the FDIC sign at the institution, or use the FDIC’s BankFind tool. The FDIC is authorized by the FDI Act to enforce this prohibition against any person.įDIC deposit insurance protects customers in the unlikely event of the failure of an FDIC–insured bank. The FDI Act further prohibits companies from implying that their products are FDIC–insured by using “FDIC” in the company’s name, advertisements, or other documents. The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured product is FDIC–insured or from knowingly misrepresenting the extent and manner of deposit insurance. Gemini reportedly repeatedly implied that the assets of customers using its Earn product were safe thanks to being backed by the Federal Deposit Insurance Corp. ![]() These representations are false and misleading. The U.S dollars that correspond to the Gemini dollars issued and in circulation will be held at a bank located in the United States and eligible for FDIC pass-through deposit insurance, subject to applicable. dollars by depositing them into your Gemini account. In one case, a company offering a so–called cryptocurrency also registered a domain name that suggests affiliation with or endorsement by the FDIC. You will also be able to automatically convert Gemini dollars into U.S. WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements.īased upon evidence collected by the FDIC, each of these companies made false representations-including on their websites and social media accounts-stating or suggesting that certain crypto–related products are FDIC–insured or that stocks held in brokerage accounts are FDIC–insured. Protection makes large and complex financial institutions resolvable and Supervises financial institutions for safety, soundness, and consumer Investment, Insurance and Non-deposit Trust products are: NOT A DEPOSIT NOT FDIC INSURED. The Federal Deposit Insurance Corporation (FDIC) is an independent agencyĬreated by the Congress to maintain stability and public confidence in the Lending products are subject to credit application and approval.
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