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Most cryptocurrency held on an exchange is not FDIC-insured, and SIPC usually does not cover it either. FDIC insurance protects eligible deposits at insured banks, not tokens or the failure of a non-bank exchange. SIPC protects certain securities and customer property when a member broker-dealer fails, but it excludes digital assets that do not qualify as securities. An exchange may buy private crime or specie insurance, yet that policy normally covers only defined theft events, has limits and exclusions, and is not a promise that every customer will recover everything after a bankruptcy.
The practical answer depends on four facts: what asset you hold, who legally holds it, how the account is structured, and which event occurred. A dollar balance in a properly structured bank custodial account can receive different treatment from bitcoin, a stablecoin, or a regulated security shown in the same app.
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What FDIC insurance does—and does not—cover
The Federal Deposit Insurance Corporation (FDIC) insures qualifying deposits held at FDIC-insured banks and savings associations. Its consumer guidance identifies checking accounts, savings accounts, money-market deposit accounts, time deposits and certain official bank checks as insured deposit products. The same guidance lists crypto assets among products it does not insure.
That distinction is about the legal nature and location of the asset, not the app’s user interface. If an exchange is a non-bank company, the crypto balance on its platform is not transformed into an insured bank deposit simply because the company uses a bank partner. The FDIC’s crypto fact sheet states: “FDIC insurance does not protect against the default, insolvency, or bankruptcy of any non-bank entity, including crypto custodians, exchanges, brokers, wallet providers, and neobanks.”
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FDIC coverage is also not a price guarantee. Even for an insured deposit, it addresses the failure of the insured bank within the applicable coverage rules; it does not reimburse losses caused by a token’s price decline, a trading decision or a transaction you authorized.
Why SIPC is different from FDIC—and usually does not help with crypto
Securities Investor Protection Corporation (SIPC) protection applies to customers of failed SIPC-member broker-dealers. SIPC’s investor guidance covers stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money-market mutual funds and certain other investments treated as securities. Its role is to help return missing customer property when a member broker fails, not to insure investment performance.
SIPC expressly does not protect a digital or crypto asset that does not qualify as a “security.” Therefore, an exchange account containing bitcoin, ether or a typical stablecoin should not be described as SIPC-protected merely because the exchange uses financial-industry language or offers trading in other products. A security registered and held through a SIPC-member broker can raise a different analysis, but the label must be verified for that specific product and account.
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| Protection regime | What it can cover | What it does not establish | Failure or loss it addresses |
|---|---|---|---|
| FDIC deposit insurance | Eligible deposits at an FDIC-insured bank or savings association | Crypto held by a non-bank exchange; token price losses | Failure of the insured depository institution, subject to coverage rules |
| SIPC | Missing customer securities and other qualifying property at a failed SIPC-member broker-dealer | Digital assets that are not securities; market declines | Broker-dealer failure and missing customer property |
| Exchange crime insurance | Only the theft events, assets, limits and conditions written in the commercial policy | An FDIC-style guarantee, unlimited recovery or protection from every insolvency | For example, a defined hack, employee theft or fraudulent transfer |
| Bank custodial or pass-through arrangement | Potential deposit coverage for qualifying fiat held at a partner bank, if records and ownership requirements are met | Automatic insurance for the exchange’s crypto or for every dollar balance | Failure of the partner bank, within the depositor-capacity rules |
| Custody and segregation rules | Legal and operational safeguards intended to preserve client ownership | A promise that assets cannot lose value or that an insolvent firm has enough assets | Custodian insolvency and misuse of client property, depending on law and facts |
What private exchange insurance usually covers
Some exchanges purchase commercial crime, cyber or specie policies. These are private contracts between the exchange and insurers, not government deposit insurance. The meaningful questions are the covered asset pool, the triggering event, aggregate policy limit, exclusions, deductibles, claims process and whether the policy is in force when the incident occurs. Public descriptions often say only that a portion of assets is insured; there is no industry-wide percentage that can be used to compare all exchanges.
Example: Coinbase’s stated coverage
Coinbase says it and its operating subsidiaries carry commercial crime insurance covering a portion of digital currencies held across its storage systems against theft, including cybersecurity breaches. It also warns that total losses could exceed insurance recoveries. The stated exclusions include unauthorized access caused by a customer’s breach or loss of credentials. In other words, a successful attack on the company’s systems may fall within a policy, while someone obtaining your password or recovery information may not.
Coinbase separately states that cryptocurrency is not FDIC-, NCUSIF- or SIPC-insured. Its U.S. customer disclosures describe a different arrangement for cash: dollars may be held in pooled custodial accounts at FDIC-insured banks or NCUSIF-insured credit unions. Pass-through coverage may be available up to the applicable per-depositor limit, referenced as $250,000 per depositor on the page current as of May 2025. That outcome depends on accurate records and on determinations made by the receiver of a failed institution. The partner-bank list and dates are not permanent, so a customer must check the current disclosure rather than rely on an old screenshot.
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Example: Gemini’s stated coverage
Gemini’s user agreement describes commercial crime and specie insurance for a specified amount of digital assets. The described events include theft from a direct security breach or hack of Gemini systems, a fraudulent transfer initiated by Gemini, or theft by a Gemini employee. Those descriptions do not mean every customer loss is reimbursed: the policy amount, evidence requirements, exclusions and claims process still control.
Gemini also says customer fiat is held in customer omnibus accounts rather than treated as Gemini’s general assets, with records intended to make individual customer interests ascertainable. An omnibus structure pools funds operationally; it does not by itself tell you the exact recovery in an insolvency. The governing agreement, applicable law, bank records and receiver’s reconciliation all matter.
Why a bank partner does not make an exchange a bank
Kraken’s support guidance summarizes the basic rule: cryptocurrency exchanges do not qualify for deposit-insurance programs because exchanges are not savings institutions. A partner bank can hold a particular fiat account, but the exchange remains a separate legal entity and its crypto liabilities remain outside FDIC deposit insurance. Always identify which entity holds each asset and whether your name, or the exchange’s pooled account, appears in the bank’s records.
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What happens if an exchange is hacked
“Hacked” can describe several different events, and insurance treatment changes with each one.
- Exchange-system breach: A theft from hot wallets, storage systems or internal controls may fit a commercial crime or cyber policy, subject to the policy’s definition, limits and proof requirements.
- Employee theft or fraudulent transfer: Some policies, such as the events described by Gemini, specifically address employee theft or a transfer initiated by the exchange.
- Your account is compromised: If an attacker uses your password, recovery phrase, session or other credentials, the loss may be excluded. Coinbase expressly warns about unauthorized access caused by a customer’s breach or loss of credentials.
- Market loss: Insurance does not normally cover a token falling in price, liquidation during volatility or a failed trade.
Report a suspected account takeover immediately through the exchange’s official support channel, freeze withdrawals if that control is available, rotate passwords from a clean device, revoke API keys and preserve login, wallet and transaction records. Those steps do not create coverage, but they can reduce additional loss and support an investigation.
Bankruptcy, insolvency and the importance of custody structure
Private theft insurance is not a guarantee that customers receive all assets when an exchange becomes insolvent. Bankruptcy questions turn on ownership, segregation, pooling, lending or rehypothecation rights, the governing contract, local property law and the insolvency process.
Segregated, omnibus and exchange balances
A segregated account is maintained separately from the firm’s own property, with records identifying customer ownership. An omnibus account pools many customers’ assets in one account while the custodian keeps an internal ledger allocating interests. An exchange balance may be a contractual claim against the exchange rather than a title to specifically identified coins. The terminology alone is not decisive; read whether the firm can lend, pledge, reuse or rehypothecate assets and what happens after a default.
European Union safeguards under MiCA
Article 70 of the European Union’s Markets in Crypto-Assets Regulation (MiCA) requires crypto-asset service providers holding client crypto-assets or access credentials to make adequate arrangements to safeguard client ownership rights, especially if the provider becomes insolvent, and to prevent use of client crypto for the provider’s own account. When providers hold client funds other than e-money tokens, they must safeguard ownership and place those funds with a credit institution or central bank by the end of the next business day.
These are custody and segregation duties, not an FDIC-style insurance promise. They may improve the legal position of customers, but recovery can still depend on records, the assets actually held, local proceedings and whether the provider complied with the rules.
U.S. banking guidance
In a joint statement dated July 14, 2025, U.S. banking agencies said banks that provide or consider crypto-asset safekeeping must do so safely and soundly and comply with applicable law. The statement also says it does not create new supervisory expectations. It is guidance about bank risk management, not a declaration that exchange crypto is deposit-insured.
A practical test for any exchange account
Before leaving substantial value on a platform, document the answers to each question below. Save the current user agreement, custody disclosure, insurance summary and partner-bank list because these documents can change.
- Identify the asset. Is it a crypto token, U.S. dollar cash, a stablecoin, or a regulated security? Do not assume a stablecoin is a bank deposit.
- Identify the legal holder. Is the asset held by an exchange, an affiliated bank, a broker-dealer, a qualified custodian or you directly through a self-custody wallet?
- Read the account structure. Look for segregated, omnibus or pooled custodial language, and determine whether the firm may lend or rehypothecate assets.
- Match protection to the event. Separate bank failure, theft from the custodian, employee fraud, cyber breach, unauthorized login, insolvency and market loss. A policy for one event does not cover the others.
- Check limits and exclusions. Record per-depositor caps, aggregate policy limits, shared customer capacity, credential exclusions, deductibles and renewal terms.
- Confirm jurisdiction. Note the regulator, governing law, insolvency regime and the entity named in your contract. Rules can differ by customer residence and product.
- Plan access and withdrawal. Keep strong, unique authentication, hardware-based two-factor protection where offered, withdrawal allowlists and an offline record of transaction history. Move long-term holdings to a custody arrangement whose risks you understand.
Common scenarios and the likely protection
| Scenario | Likely first question | What the cited regimes suggest |
|---|---|---|
| Partner bank fails while your dollars are in a qualifying custodial account | Do bank records support pass-through ownership and within-limit coverage? | Potential FDIC or NCUSIF coverage for the qualifying fiat deposit; not coverage for crypto. |
| Exchange’s wallet infrastructure is breached | Does the exchange’s crime policy cover that system, and is the limit sufficient? | Possible private-policy claim, not an automatic government reimbursement. |
| Your password or recovery credentials are stolen | Does the policy exclude customer-caused unauthorized access? | Often excluded; Coinbase expressly identifies this exclusion. |
| Exchange enters bankruptcy | Do you own identifiable assets, and were they segregated or reused? | Recovery depends on custody records, contract, law and the insolvency process. |
| Token price collapses | Is the loss a market movement rather than theft or failure? | FDIC, SIPC and private crime policies do not insure ordinary market declines. |
Bottom line for exchange users
Treat crypto exchange protection as a layered, asset-specific question rather than a single insurance label. Government deposit insurance generally applies only to qualifying fiat deposits at insured banks. SIPC concerns securities and missing property at member broker-dealers, not ordinary crypto balances. Exchange-purchased crime or specie insurance may help after a defined hack, employee theft or fraudulent transfer, but it is limited, conditional and commonly excludes a customer’s compromised credentials. In a bankruptcy, segregation, ownership records, reuse rights and local insolvency law can matter more than the existence of an insurance headline.
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