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Author Topic: [help] Any BTC exchanges out there that are FDIC insured?  (Read 795 times)
Brybtc (OP)
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August 29, 2016, 04:56:38 AM
 #1


Are there any? I know poloniex is US-based but is it insured as well?
xhomerx10
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August 29, 2016, 09:18:14 AM
 #2


Are there any? I know poloniex is US-based but is it insured as well?


FDIC is for banks; technically savings banks though the federal gov't bailed out investment banks to prevent world-wide monetary ruin.   The insurance is only paid out on failure of the bank.  No exchanges will have this type of deposit insurance.
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August 29, 2016, 09:07:35 PM
 #3


Are there any? I know poloniex is US-based but is it insured as well?


You should check out https://gemini.com/

   * It's a US-based exchange (New York)
   * US $ in Gemini account is FDIC-Insured,
   * Unfortunately 'Digital Assets' (Bitcoin,Ether) is not because US Government does not insure Digital Assets.
   * Although according to them:
   
Quote
"we are heavily capitalized to protect you and the Digital Assets that you store with us. In addition, we are insured by a top-tier insurance company to protect you from internal malfeasance."

I saw this some time ago on reddit https://www.coinpit.io/futures-with-bitcoin/trustless/
 
   * It's not really insurance but here:
     
Quote
coinpit.io aims to eliminate the possiblity of theft by maintaining multi-signature accounts for every user. The funds cannot be moved unless initiated by the user. On a user action such as placing an order or withdrawing balance, a transaction is created and signed on the browser and sent across the wire to the server, which validates the request before signing and transmitting it to the bitcoin network. This ensures that even in the scenario of a security breach, the coins cannot be stolen.

As for poloniex, I couldn't find anything about it being insured.

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