Cryptocurrencies and Fiat currencies stored on apps may not be insured by the FDIC

Veröffentlicht:

Von: Krypto News Österreich

In einem kürzlich vom Consumer Financial Protection Bureau (CFPB) of America veröffentlichten Bericht warnen die Aufsichtsbehörden, dass Kryptowährungen und Fiat-Währungen, die in mobilen Apps gespeichert werden, möglicherweise nicht wirklich von der Politik der FDIC profitieren, bis zu 250.000 US-Dollar pro Einleger zu versichern. Nicht abgedeckte Nichtbankdienstleistungen Dem Bericht zufolge besteht eine unglückliche Folge des Aufstiegs von Zahlungsdiensten und Apps wie PayPal oder Venmo darin, dass bei Verbrauchern häufig der Eindruck entsteht, dass der Staat im Falle einer Insolvenz der Plattform die bei diesen Diensten steckenden Nutzergelder erstatten wird. Dies ist jedoch nicht der Fall. Damit Gelder von der FDIC oder …
In a report recently published by the Consumer Financial Protection Bureau (CFPB) of America, the supervisory authorities warn that cryptocurrencies and Fiat currencies that are stored in mobile apps may not really benefit from the FDIC policy to insure up to $ 250,000 per insertion. According to the report, non -covered non -banking services, there is an unfortunate consequence of the rise of payment services and apps such as PayPal or Venmo in the fact that in consumers the impression often gives the impression that the state will reimburse the user funds stuck in these services in the event of bankruptcy of the platform. However, this is not the case. So money from the FDIC or ... (Symbolbild/KNAT)

In a report recently published by the Consumer Financial Protection Bureau (CFPB) of America, the supervisory authorities warn that cryptocurrencies and fiat currencies that are stored in mobile apps may not really benefit from the FDIC policy, up to $ 250,000 per insertion.

non -covered non -bank services

According to the report, there is an unfortunate consequence of the rise of payment services and apps such as PayPal or Venmo in the fact that in consumers there is often the impression that the state will reimburse the user money stuck in these services in the event of insolvency of the platform.

However, this is not the case. In order for money to be reimbursed by the FDIC or NCUA, they must be deposited with an bank insured by the FDIC or NCUA. Many payment services do not keep the funds of their users into trust in one of these banks. These payment services often invest user payments in stocks and bonds to generate profits and to keep the service for the end user free of charge or inexpensive.

The report states that this aspect is often veiled by the terms of use of the payment platforms.

platforms are not obliged to report deposits

Another essential difference between payment services and banks is that according to the federal law, banks are obliged to provide the FDIC and other supervisory authorities with detailed information about customer deposits. In contrast, there is no such requirement for payment services.

"While the core service of non-bank payment platforms is to provide a mechanism for sending funds from one person to another, these apps also enable a growing number of associated financial products and services, including the offer of debit cards, credit cards, BNPL-loan and international transfers." and crypto-asset transactions. […] While banks and credit cooperatives are obliged to regularly provide detailed information about their overall deposits, there is currently no such obligation for these companies according to the federal law. ”

Although the importance of self-custody for the crypto community is repeatedly emphasized, the failure of FTX-which was expressly mentioned in the report-also caused the CFPB to remind consumers that they may be abandoned if they do not guarantee their security.

Despite the good offers that some services offer when buying cryptocurrencies, always remember to manage your cryptocurrency supply yourself.

Selected image with the friendly approval of History