First establish exactly what changed: the bank’s charter, the bank itself, the crypto custodian, or the service that holds your cash. Identify the legal entities involved, save your account and contract records, and ask the custodian—in writing—where your crypto and any cash are held and what withdrawals or transfers remain available. A charter change alone does not establish that crypto has been lost, moved, or covered by deposit insurance.
Identify which event occurred
A bank charter change, a bank failure, a crypto custody-service shutdown, and a nonbank custodian’s insolvency are different events. The distinction matters because the entities, processes, and potential claims differ.
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| Event | What it means for your next steps |
|---|---|
| Bank charter change, conversion, or merger | Confirm the decision, effective date, and operational plan with the institution and relevant regulator. A charter or corporate change does not, by itself, establish that the bank has failed or that a custody agreement has ended. The OCC describes its role in reviewing filings that establish or change national banks’ and federal savings associations’ structures and activities. |
| Failure of an FDIC-insured bank | Follow the FDIC’s and receiver’s official instructions for deposits and claims. The FDIC may arrange for another bank to assume insured deposits or pay insured depositors directly, while serving as receiver for the failed institution. That deposit process does not determine how crypto held in custody will be treated. |
| Nonbank crypto custodian shutdown or insolvency | Check the custody agreement, account records, and any court or insolvency notices. FDIC insurance does not protect against the failure of a nonbank crypto company; the legal treatment of customer crypto depends on the facts, contract, and applicable law. |
For a federally chartered bank, the OCC provides institution and licensing records. For a state-chartered bank, identify the relevant state banking regulator as well.
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Confirm the entities and the status of the change
Read the notice and custody agreement. Write down the exact legal names of the customer-facing company, bank, any sub-custodian, and any acquiring or successor institution. Determine whether the change is proposed or completed, its effective date, and whether the custody service is still operating. Check the appropriate regulator’s records rather than relying only on a company announcement.
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Save your records while you can access them
Download account statements, crypto and cash balances, transaction history, tax documents, deposit disclosures, custody terms, change notices, and support messages. Preserve dates, transaction IDs, wallet addresses, and relevant screenshots. These records can help you document what the account showed and what you were told.
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Ask for an account-specific explanation in writing
Use the custodian’s authenticated website, app, or published support channel. Ask:
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- Which legal entity currently holds or controls the crypto, and which entity will do so after the change?
- Does the arrangement use a sub-custodian, and are the assets recorded or held separately from the company’s own assets?
- Where is any associated cash deposited, and what is the bank’s legal name and account type?
- Can you withdraw or transfer crypto and cash now? Are there deadlines, fees, restrictions, or service interruptions?
- How should you submit a claim if access is interrupted, and what process or deadline applies?
Keep the response and the date you received it. Never give purported support staff your password, seed phrase, or private keys. Independently verify any destination address before sending a transfer.
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Evaluate crypto and cash separately
FDIC deposit insurance generally applies to qualifying deposits at insured banks, subject to ownership and recordkeeping rules. It does not insure crypto assets. The FDIC’s July 28, 2022 fact sheet states that its deposit insurance does not apply to crypto assets, and also distinguishes crypto companies from insured banks.
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If a company says customer cash has pass-through deposit insurance through a partner bank, ask for the actual bank and account arrangement and for records showing each customer’s ownership interest. A company’s claim alone does not establish that the requirements for pass-through coverage are met. FDIC guidance says the agency may insure the actual owners of fiduciary deposits when requirements are satisfied, but pays the fiduciary rather than directly paying its customers. It also warns that it is not responsible if a fiduciary or custodian fails to establish the deposit account, keep supporting documentation, or ensure funds are within insured limits.
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Use the official process if a bank has failed
If an FDIC-insured bank has actually failed, follow the instructions published by the FDIC, receiver, or court. The FDIC’s bank-failure guidance describes possible transfers of insured deposits to a healthy bank or direct payments to insured depositors, as well as the FDIC’s receiver role. Do not treat those deposit procedures as instructions or a decision about crypto custody; seek separate written guidance on the crypto arrangement.
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Escalate through the relevant channels
Send written complaints to the custodian and, where appropriate, the bank and its regulator. If there is a bank failure or insolvency proceeding, use the receiver’s or court’s stated claim process and observe any deadline. Consider prompt advice from a qualified lawyer if significant assets are inaccessible, a claim deadline is approaching, or the contract’s governing law and ownership terms are unclear.
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How to assess the custody arrangement
Compare the actual arrangement before deciding what to do with an account or transfer. The OCC’s May 7, 2025 release says national banks and federal savings associations may buy and sell assets held in custody at a customer’s direction and may outsource bank-permissible crypto custody and execution, subject to appropriate third-party risk management and applicable law. Outsourcing therefore makes it important to identify the entities involved; a bank name on a notice may not identify every party handling the service.
- Custodian and regulator: Identify the legal custodian, its charter or status, and the regulator with jurisdiction over it.
- Key control: Ask who controls the private keys and whether a sub-custodian is involved. The OCC’s July 22, 2020 announcement described cryptocurrency custody as including the safekeeping of unique cryptographic keys associated with cryptocurrency.
- Ownership and segregation: Read the agreement and account records for terms describing customer ownership, segregation, and what happens if the company or a service provider becomes insolvent.
- Cash placement and insurance records: Identify the bank and account type holding cash, and request the records supporting any claimed pass-through deposit insurance.
- Access and dispute terms: Record withdrawal conditions, fees, restrictions, deadlines, governing law, and the stated dispute or insolvency process.
On July 14, 2025, the OCC, Federal Reserve, and FDIC stated that crypto safekeeping must be conducted safely and soundly and in compliance with applicable law. Their statement said it created no new supervisory expectations; it is not a guarantee of customer recovery in a particular case.
What the available rules do not decide
Neither the existence of a bank relationship nor a general regulatory statement determines whether a particular customer owns segregated crypto, has a trust or bailment interest, or would be treated as an unsecured creditor if a custodian becomes insolvent. That depends on the agreement, custody records, governing law, applicable regulatory regime, and the facts of any receivership or bankruptcy. This is general U.S.-oriented information, not a determination of an individual claim.
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