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No. FDIC insurance does not cover cryptocurrency, even when an FDIC-insured bank holds it in custody. It protects eligible deposits if an insured bank fails. A separate U.S. dollar balance connected to a crypto service may qualify, but only if it is actually held as an eligible bank deposit and the applicable ownership and recordkeeping requirements are met.
What FDIC insurance covers—and what it does not
The FDIC insures eligible deposits at FDIC-insured banks against the failure of the insured bank. It does not insure investments or other non-deposit products. The FDIC says, “The FDIC only insures your money if it is in a deposit account at an FDIC-insured bank.” Its list of products not covered includes crypto assets. FDIC: Deposit Insurance
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That means the answer does not change just because a bank holds cryptocurrency in safekeeping. Custody describes how an asset is held; deposit insurance concerns eligible deposits. In a joint statement dated July 14, 2025, the FDIC, Federal Reserve Board and Office of the Comptroller of the Currency described risk-management considerations for banks providing or considering crypto-asset safekeeping. The agencies said the statement did not create new supervisory expectations. It did not make crypto a covered deposit. FDIC: 2025 interagency statement on crypto-asset safekeeping
Crypto holdings and dollar balances are different
A crypto service may show both digital assets and cash in one account interface, but the displayed balance alone does not tell you what is insured. Identify what you legally own and where it is held.
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| Holding | Where it is held | FDIC treatment |
|---|---|---|
| Cryptocurrency | In a bank custody arrangement or with a crypto company | Not covered by FDIC deposit insurance. |
| U.S. dollars | In an eligible deposit account at an FDIC-insured bank | May be covered if applicable deposit-insurance requirements are satisfied. |
| Money sent to a non-bank crypto company | With the company, before it is deposited at an insured bank | Not insured merely because the company says it works with a bank. |
The FDIC explains that money sent to a non-bank company is not insured unless and until the company places it in an insured bank. Even when funds are deposited at a bank, FDIC insurance protects against that bank’s failure—not the non-bank company’s bankruptcy or failure to meet its obligations. FDIC: Crypto assets and deposit insurance
When can cash held through a third party qualify?
Some arrangements seek “pass-through” deposit insurance: the bank holds a deposit for customers through an intermediary, while coverage is assessed for the underlying owners. It is not automatic. Among other requirements, the bank’s deposit records must disclose the third-party relationship, the customers’ ownership interests must be ascertainable, and the customers must actually own the funds deposited. If the bank fails, the FDIC determines whether the requirements are satisfied. These rules concern deposits, not crypto assets. FDIC: Deposit Insurance for Bankers—pass-through coverage
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Do not assume that a platform balance qualifies just because the platform names a partner bank. The relevant account structure, contracts, ownership, and bank records matter. The FDIC’s crypto fact sheet states, “The FDIC does not insure assets issued by non-bank entities, such as crypto companies.” FDIC: Crypto assets and your risk
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The standard maximum deposit-insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. It applies to eligible deposits, not to cryptocurrency. A crypto asset does not become insured because its value is below the limit, and the limit is not a promise to reimburse a crypto loss. FDIC: Deposit Insurance FDIC: Deposit Insurance coverage information
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How to check what protection applies to your account
- Separate crypto from cash. Check the account statement and terms to identify whether the balance is a digital asset, a dollar deposit, or a mixture of both.
- Identify who holds the dollars. Find the legal name of the bank, if any, and determine whether the funds are already in a deposit account there or remain with a non-bank company.
- Read the ownership and custody terms. Look for who owns the funds, who owes them to you, and how the bank’s records identify customers and their interests. Those details can affect whether pass-through coverage applies.
- Verify the bank and estimate deposit coverage. Use the FDIC’s resources to check the institution’s insured status and its Electronic Deposit Insurance Estimator (EDIE) to assess eligible deposits. These tools cannot turn crypto into an insured deposit or determine every contractual dispute.
A specific account’s coverage depends on its actual bank, legal structure, ownership, and records. The FDIC’s consumer guidance emphasizes that insurance applies only in the unlikely event an insured bank fails; it does not protect against a non-bank company’s bankruptcy or failure to meet its obligations. FDIC: Crypto assets and deposit insurance
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