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To check whether a crypto company is a licensed bank, identify the exact legal entity behind the brand and verify its claimed charter in the appropriate regulator’s records. In the United States, use the Office of the Comptroller of the Currency (OCC) for claims of a national bank or federal savings association charter, and FDIC BankFind to check whether a separately named partner bank is insured. Then read the account agreement: a bank partnership or an FDIC-insured bank’s name does not by itself mean your crypto or your balance at a nonbank company is insured.
First separate the three questions
“Is this crypto company a bank?” can mean three different things:
- Does the crypto company itself have a bank charter? This is a question about the legal entity and its chartering regulator.
- Does a separate bank partner provide banking services or hold cash? A crypto company may use a bank without being a bank itself.
- Are the particular funds in your account eligible for FDIC deposit insurance? That depends on the account, where the money is deposited, ownership records, and other coverage requirements.
These answers are not interchangeable. The FDIC says it does not insure assets issued by non-bank entities, such as crypto companies. Deposit insurance does not cover crypto assets or the insolvency of a nonbank crypto company. It applies to eligible deposits at an insured bank, subject to applicable rules.
How to verify a crypto company’s bank claim
- Find the exact legal entity. Check the company’s terms of service, account agreement, regulatory disclosures, and website footer. Record the entity name associated with the account, the money, or the regulated service. The consumer-facing brand may not be the entity that holds funds or provides the service.
- Check the claimed charter with the right regulator. If the company says it is a national bank or federal savings association, search the OCC’s official financial-institution lists and its licensing materials. Confirm that the exact legal entity appears as an operating institution. The OCC publishes digital-asset applications separately; a pending application or conditional approval is not the same as a final, operating charter. Check the OCC’s digital-assets licensing records and application details when relevant.
- Verify a named partner bank independently. Search the bank’s exact legal name, website, or FDIC certificate in FDIC BankFind Suite. Confirm that the result corresponds to the institution named in your product documents. BankFind covers current and former FDIC-insured banks and branches; a result for a similarly named institution is not enough.
- Read the account-level terms. Determine which entity owes the balance, whether and when it is deposited at the named bank, what kind of account it is, and whether the arrangement relies on pass-through insurance. The FDIC explains that pass-through coverage may depend on funds being deposited at the insured bank and on ownership records and other requirements. A partner bank’s name in marketing does not establish that every customer balance qualifies.
- Match the claimed protection to the asset and failure. Ask what happens if the bank fails and, separately, what happens if the crypto platform fails. Deposit insurance is not insurance for crypto assets, investment losses, theft, or a nonbank company’s failure.
- Resolve inconsistencies before relying on the claim. If the contract names a different entity from the marketing, the purported bank cannot be found in BankFind, or the company suggests crypto itself is FDIC-insured, ask the company for written clarification and contact the relevant regulator if needed. The FDIC has specifically addressed public confusion over crypto-company deposit-insurance claims in its crypto-company fact sheet.
What an OCC or FDIC record proves—and what it does not
An OCC listing addresses the charter claim
An OCC record can help establish whether the named institution is a national bank or federal savings association. It does not make a separate crypto brand a bank merely because that company works with the institution. For a state-chartered institution, check the relevant state banking regulator too; an OCC or FDIC search alone does not establish state or foreign licensing.
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BankFind addresses the bank’s insured status
Finding a partner in BankFind supports the claim that the named institution is FDIC-insured. It does not establish that money shown in a crypto app has actually been deposited there, that the account is owned in a way that qualifies for pass-through coverage, or that the app’s crypto assets are insured. Read the product documents to connect the bank record to your particular balance.
Bank authority to handle crypto does not confer a charter on a crypto company
The OCC says national banks and federal savings associations may provide crypto-asset custody and execution services, including through third parties, subject to applicable law and safe and sound operation. The OCC’s May 7, 2025 release states: “As with any activity, a bank must conduct crypto-asset custody activities, including via a sub-custodian, in a safe and sound manner and in compliance with applicable law.” A joint statement from the OCC, Federal Reserve, and FDIC likewise describes safekeeping as holding an asset for a customer and says existing law and risk-management principles apply to banking organizations providing that service. These statements concern banks’ activities, not the charter status of a crypto company using those services.
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How much FDIC insurance applies?
For direct deposit accounts at an FDIC-insured bank, the FDIC’s 2024 consumer guidance states coverage of at least $250,000, subject to applicable coverage rules. That figure does not apply to crypto assets or a nonbank company’s obligations. For balances accessed through a crypto platform, do not assume coverage from the headline limit alone: establish which bank holds the funds, the account type and ownership, and whether all pass-through requirements are met.
The FDIC also stated in 2022 that since 1934 no depositor has lost a penny of FDIC-insured funds as a result of an insured bank’s failure. That historical statement concerns insured funds and insured-bank failures; it does not promise reimbursement for losses caused by a crypto platform’s insolvency or for crypto holdings.
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A quick document-check checklist
- Write down the exact legal names in the company’s terms and account agreement.
- Identify whether the company claims its own charter or names a separate bank partner.
- For a national bank or federal savings association claim, match the legal name to the OCC’s operating-institution records rather than relying on an application or approval announcement.
- For a partner-bank claim, match the bank’s legal name to its FDIC BankFind record.
- Locate the clause explaining who holds or owes your cash, when it is deposited, and whether pass-through coverage is claimed.
- Identify whether your balance is a bank deposit, crypto asset, or obligation of the nonbank company.
- Assess bank-failure protection separately from the consequences of the crypto platform failing.
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