Before opening an account marketed as a “crypto bank,” identify which legal entity provides each service, determine whether any cash balance is actually a deposit at an insured bank, and read the terms for crypto custody, withdrawals, fees, and provider failure. A bank partnership or crypto-bank label alone does not establish that your balance is insured or that crypto assets will be recoverable if a provider fails.
What “crypto bank” means—and what it does not
“Crypto bank” is a marketing description, not enough information to determine who holds your money or crypto. A product may involve a fintech or crypto company, a bank partner, and a separate crypto custodian, each with a different role. The company named in the app may not be the bank that holds cash or the firm safeguarding crypto.
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Start with the account application and legal terms. Identify the contracting company, any bank partner and its specific role, and any custodian. The FDIC’s fact sheet on FDIC deposit insurance and crypto companies explains that deposit insurance applies to deposits held at insured banks; it does not insure crypto assets or assets issued by non-bank crypto companies. Whether a particular cash balance qualifies depends on the account’s actual structure and disclosures.
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Identify the contracting entity and bank
Read the application, account agreement, and disclosures for the full legal name of the company responsible for the account. If a bank is mentioned, confirm its legal name and what it does: for example, whether it holds deposits or provides another service. Do not assume the crypto company is a bank because its branding says “bank” or because it names a bank partner.
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Separate cash from crypto
For every cash balance, find out where it is held, which entity owes it to you, and what the insurance disclosure actually says. Treat crypto separately: determine whether the account provider or another company holds it. A bank connection does not by itself make crypto insured, nor does it establish that every cash balance in the product is a bank deposit.
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Read the crypto custody terms
Find the named custodian and look for provisions covering control of private keys, pooled versus segregated holdings, your ownership or claim to assets, and whether the provider may use or lend them. Check what the agreement says about insolvency, service suspension, and your ability to retrieve assets. These are contract-specific questions; general bank guidance cannot establish a particular customer’s recovery rights.
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Trace outsourced services
Ask which company executes trades and which safeguards crypto, whether either uses subcontractors, and what the agreement says about responsibility and access. The OCC says national banks and federal savings associations may outsource certain permissible custody and execution activities subject to third-party risk management. Outsourcing does not make the provider or arrangement risk-free; the contract and actual roles still matter.
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Check access, costs, and recourse
Compare the details that govern everyday use and what happens when something goes wrong:
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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- Supported crypto assets and deposit or withdrawal methods
- Withdrawal limits, processing times, fees, and any trading spreads
- Account restrictions, freezes, and termination terms
- Security controls, customer-support availability, and complaint channels
These details vary by provider. Verify them in the current terms rather than assuming they are standard across accounts.
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Recheck the terms before applying
Confirm the named bank and relevant regulator, then review the latest agreement and disclosures shortly before opening the account. Regulatory guidance and product terms can change.
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Compare providers on the same questions
When you have specific accounts in mind, use the same checklist for each. A “not stated” answer is a reason to seek clarification, not a substitute for a protection you have verified.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitches| What to compare | What to establish |
|---|---|
| Legal provider | Contracting company, bank charter if applicable, and regulator |
| Cash balances | Which balances are deposits at an insured bank and what the disclosures say about coverage |
| Crypto custody | Custodian, asset treatment, key control, and terms if the provider fails |
| Outsourcing | Who performs custody or execution, including any subcontractors |
| Access | Supported assets, funding and withdrawal methods, limits, and processing times |
| Costs and restrictions | Fees, spreads, account limits, freezes, and termination terms |
| Help and complaints | Support channels and the process for escalating a dispute |
What U.S. bank guidance does—and does not—tell you
Federal agencies have clarified which crypto-related activities banks may conduct and the controls they expect. Those statements address banks within the agencies’ supervisory scopes; they are not endorsements of a particular consumer product, determinations that an unnamed account is FDIC-insured, or guarantees that customers will recover crypto after a provider failure.
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- March 7, 2025: The OCC said national banks and federal savings associations may engage in crypto-asset custody, certain stablecoin activities, and independent node verification, and described withdrawal of a prior supervisory non-objection requirement. Acting Comptroller Rodney E. Hood said, “The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones.” OCC release
- March 28, 2025: The FDIC said FDIC-supervised institutions may engage in permissible crypto-related activities without the previous crypto-specific prior-notification requirement, provided risks are managed and applicable laws and regulations are followed. FDIC release
- May 7, 2025: The OCC confirmed that national banks and federal savings associations may buy or sell assets held in custody at a customer’s direction and may outsource certain permissible activities subject to third-party risk management. OCC release
- July 14, 2025: The FDIC, Federal Reserve, and OCC issued a joint statement reminding banks to conduct crypto-asset safekeeping safely and soundly and in compliance with applicable law. It describes bank risk-management expectations, not a guarantee of customer recovery. Interagency statement
If the provider will not make the structure clear
Do not infer protection from a logo, a partner-bank reference, or broad claims about safety. If the agreement does not make clear who owes you cash, who holds crypto, what happens to customer assets on provider failure, or how withdrawals work, ask the provider for the relevant terms in writing before funding the account. If you cannot verify an answer, treat it as unknown when comparing accounts.
This guidance is U.S.-specific. Readers in other countries should check their local deposit-protection scheme and financial regulators; U.S. FDIC rules do not determine protections elsewhere.
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