Banks are also backed by the fed which is there to prevent failures, and the government through too big to fail. Even in the case of the Bank of the United Stat

Banks are also backed by the fed which is there to prevent failures, and the government through too big to fail. Even in the case of the Bank of the United States (which despite its name was just an ordinary bank) whose failure in 1930 kicked off the bank panics of the 1930s, when it was liquidated the depositors received 92.5% of their deposits. Most failures of crypto exchanges have resulted in a total or near-total loss for depositors, and triggered rushes to the exit on other exchanges.