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That's key: Coinbase is insured. With FDIC, the depositor is insured, not the bank. This is the bank being insured, not the depositor.
by nostromo 12y ago
That's key: Coinbase is insured.
With FDIC, the depositor is insured, not the bank. This is the bank being insured, not the depositor.
- ewoodrich 12y agoAnd in the case of FDIC, evidence of gross malfeasance on the part of the bank would likely result in a seizure of the bank and its assets. The FDIC then becomes the "receiver"[1], entrusted with ensuring as many of remaining funds can be returned, and any covered and outstanding amount paid by the insurance. [1] https://www.fdic.gov/about/strategic/strategic/receivership.html https://www.fdic.gov/about/strategic/strategic/receivership....