Is my crypto insured like a bank account?

The full answer

Does deposit insurance cover crypto held at a bank or platform?

This page does not state what the FDIC, SIPC, CIPF or CDIC cover for crypto assets; that question is left to the open list. It shows two separate documents: an OCC document that sets a fidelity bond coverage requirement under 12 CFR 7.2013, and a Charles Schwab press release (Schwab-reported) stating that Charles Schwab Premier Bank, SSB, Member FDIC, will serve as custodian of clients’ digital assets.

The OCC granted Ripple National Trust Bank preliminary conditional approval on 12 December 2025. The letter says the bank plans to provide cryptocurrency custody to affiliates and unaffiliated institutional customers on a fiduciary basis. It also states that the bank will not be an insured depository institution, a term the letter defines as a bank whose deposits are insured by the FDIC [1]. The approval is conditional: final approval to begin business will not be granted until all preopening requirements are met, and the approval expires if the bank is not open within 18 months [1]. The charter’s status is followed on Is Ripple becoming a bank?.

The same OCC letter reports that, as of 30 September 2025, $1.6 trillion of the assets reported by OCC-supervised uninsured national trust banks consisted of custody [1]. Uninsured trust banks already hold large amounts in custody, according to the OCC.

Schwab’s release of 16 April 2026 says Schwab Crypto accounts are offered by Charles Schwab Premier Bank, SSB, Member FDIC, and that this bank will serve as custodian of clients’ digital assets, responsible for safekeeping and record-keeping [2]. At launch, Schwab said, the service covered bitcoin and ethereum [2]. The same disclosure says investing in cryptocurrencies involves risk, including the risk of total loss of principal invested [2].

“Member FDIC” in that disclosure describes the bank. The disclosure does not say the crypto in the account is insured, and it warns of total loss in the same passage. A bank’s FDIC membership, on its own, is not evidence that crypto held there is covered.

Canadian readers will find the platform rules on What rules must a Canadian crypto platform follow to hold my XRP?. CIPF and CDIC statements on crypto are not yet in the site’s sources.

Do custodians carry insurance for crypto, and does it cover customers?

In the documents held, custody and insurance are separate things. The Canary XRP ETF’s Form 10-Q for the quarter ended 30 June 2026 names Coinbase Custody Trust Company and BitGo Trust Company as custodians responsible for safekeeping all the trust’s XRP [3]. The passages held from that filing do not describe insurance on that XRP.

The OCC letter requires the Bank to purchase adequate fidelity bond coverage in accordance with 12 CFR 7.2013 [1]. It also says the bank’s custody services will be subject to fiduciary duties and standards of behavior [1]. The held passages do not say what the bond covers or whether customers could claim on it.

A duty of safekeeping, a fiduciary duty and a fidelity bond are obligations placed on the custodian. None of them, as described in these documents, is a stated promise to repay customers after a loss.

What does a platform’s own protection fund actually promise, and who pays into it?

No platform’s published fund terms are among the sources collected for this page as of 30 September 2026. The nearest case is Bitget. 247 Wall St. reported on 27 September 2026 that Bitget reported the loss of 103 million XRP on 24 September in a breach linked to North Korea, and the same outlet put the theft at $351.6 million [4]. On 24 September 2026, Bitget said user funds are safe and that the loss falls within the coverage of its User Protection Fund, which it said holds over $464 million [18]. The timeline and customer outcome are on What happened in the September 2026 Bitget theft?.

Without a fund’s published terms, three questions stay open: who pays into it, what triggers a payout, and whether any rule requires the fund to exist.

Can I buy private insurance for self-custodied crypto?

As of 30 September 2026, the site’s sources include no insurer’s policy for individual holders who keep crypto in their own wallets. This is logged as a gap. The trade-offs between holding on a platform and holding keys yourself are set out on Where should I keep my XRP: on the exchange or in my own wallet?.

Is a fund or a regulated bank a way around the gap?

The Canary filing shows an ETF’s XRP sits with named custodians [3]. The differences are set out on Is owning an XRP ETF the same as, or safer than, owning XRP?.

An ETF changes who holds the XRP. The held passages do not show insurance on it.

What is the strongest evidence on the other side?

Regulated custody carries protections that are not insurance. Schwab names Charles Schwab Premier Bank, SSB, Member FDIC, as custodian responsible for safekeeping and record-keeping [2]. The OCC says Ripple National Trust Bank’s custody would be subject to fiduciary duties [1]. These are legal duties that bear on how assets are kept. What happens when a platform fails despite them is covered on What happens to my XRP if the exchange goes bankrupt?.