Are there any limitations or restrictions on FDIC insured cryptocurrencies with BlockFi?

3 answers

• Dec 25, 2021 · 3 years ago
  Yes, there are limitations and restrictions on FDIC insured cryptocurrencies with BlockFi. The FDIC insurance only covers the cash balance in your BlockFi Interest Account, not the cryptocurrencies themselves. So, if there is a loss or theft of your cryptocurrencies, it will not be covered by FDIC insurance. However, the cash balance in your account is protected up to $250,000 by the FDIC. It's important to note that cryptocurrencies are inherently volatile and carry their own risks, so it's always recommended to do your own research and take necessary precautions when investing in cryptocurrencies.
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• Dec 25, 2021 · 3 years ago
  Absolutely! FDIC insured cryptocurrencies with BlockFi have certain limitations and restrictions. While the cash balance in your BlockFi Interest Account is protected by FDIC insurance up to $250,000, the cryptocurrencies themselves are not covered. This means that if there is a loss or theft of your cryptocurrencies, you will not be able to recover them through FDIC insurance. It's crucial to understand the risks associated with cryptocurrencies and take appropriate measures to secure your assets.
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• Dec 25, 2021 · 3 years ago
  Yes, there are limitations and restrictions on FDIC insured cryptocurrencies with BlockFi. While BlockFi offers FDIC insurance for the cash balance in your account, it does not cover the cryptocurrencies themselves. This means that if your cryptocurrencies are lost or stolen, you will not be able to recover them through FDIC insurance. It's important to understand the risks involved in holding cryptocurrencies and take necessary precautions to protect your assets. Additionally, it's recommended to diversify your investments and consider using cold storage wallets for added security.
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