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by Asparagirl
1164 days ago
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This is important: FDIC insurance protects you if the bank goes bust, but it doesn’t protect you if the company/fintech/exchange you’re using goes bust, even if they use an FDIC-insured bank. This exact issue came up repeatedly in the past few years with crypto companies whose FAQs and even executives falsely told people their deposited money was FDIC-insured simply because the company itself banked with an FDIC bank. That’s not how it works. One of many recent sad examples:
https://mobile.twitter.com/Frances_Coppola/status/1543279013... Another one:
https://mobile.twitter.com/Frances_Coppola/status/1640909892... (Frances Coppola is a great person to follow on Twitter.) |
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