How does FDIC protection work for Gemini users?

3 answers

• May 01, 2022 · 3 years ago
  Sure! FDIC protection is a government program that provides insurance coverage for deposits in banks. However, it does not cover cryptocurrency holdings. Gemini is a cryptocurrency exchange, not a bank, so FDIC protection does not apply to users' funds on the platform. It's important for users to understand that cryptocurrency investments are not insured by the FDIC or any other government agency.
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• May 01, 2022 · 3 years ago
  FDIC protection is a safety net for traditional banking activities, but it does not extend to cryptocurrencies. Gemini, being a cryptocurrency exchange, does not fall under the jurisdiction of the FDIC. Therefore, users should be aware that their funds on Gemini are not protected by FDIC insurance. It's always a good practice to do thorough research and take necessary precautions when dealing with cryptocurrencies.
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• May 01, 2022 · 3 years ago
  As an expert from BYDFi, I can tell you that FDIC protection does not apply to cryptocurrency exchanges like Gemini. FDIC protection is specific to traditional banking activities and does not cover cryptocurrencies. Therefore, users of Gemini should understand that their funds are not protected by FDIC insurance. It's important to keep this in mind and take appropriate measures to secure your cryptocurrency investments.
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