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Money stored on mobile payment apps may not be FDIC insured, US watchdog warns

Public awareness of Federal Deposit Insurance Corporation (FDIC) coverage has grown since the bankruptcy of crypto platforms like FTX, Voyager and others last year, and this year’s banking crisis led to the loss of hundreds of millions of customer dollars, CFPB said. Nonetheless, billions of dollars are being stored on payment service apps without the benefit of FDIC coverage.

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Source: Cryptocurrency - investing.com

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