Is Coinbase Pro insured by FDIC?

3 answers

• Nov 27, 2021 · 3 years ago
  No, Coinbase Pro is not insured by the FDIC. The FDIC only provides insurance coverage for traditional bank accounts, not for cryptocurrency exchanges. However, Coinbase Pro does offer its users some level of protection. They hold the majority of their users' funds in cold storage, which means that the funds are stored offline and are therefore less susceptible to hacking or theft. Additionally, Coinbase Pro has implemented various security measures, such as two-factor authentication and withdrawal whitelisting, to further protect users' accounts and funds.
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• Nov 27, 2021 · 3 years ago
  Unfortunately, Coinbase Pro is not insured by the FDIC. As a cryptocurrency exchange, Coinbase Pro operates under different regulations and does not fall under the purview of the FDIC. However, Coinbase Pro has taken steps to protect its users' funds. They have implemented robust security measures, including encryption, multi-signature wallets, and regular security audits. While these measures cannot guarantee absolute protection, they significantly reduce the risk of funds being compromised.
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• Nov 27, 2021 · 3 years ago
  No, Coinbase Pro is not insured by the FDIC. However, it is important to note that most cryptocurrency exchanges, including Coinbase Pro, do not offer FDIC insurance. This is because cryptocurrencies are not considered legal tender and are not backed by any government or central authority. Instead, Coinbase Pro provides its users with insurance coverage for their digital assets held in Coinbase Custody, a separate service offered by Coinbase. Coinbase Custody is a qualified custodian and provides insurance coverage for digital assets held in its custody. It is important for users to understand the distinction between Coinbase Pro and Coinbase Custody and the insurance coverage provided by each service.
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