Digital Currency Balances
MyCryptoexBank secures customer digital currency through a combination of secure, online servers and offline (“cold”) storage. MyCryptoexBank maintains 98% or more of customer digital currency in cold storage, with the remainder in secure online servers as necessary to serve the liquidity needs of our customers.
MyCryptoexBank maintains commercial criminal insurance in an aggregate amount that is greater than the value of digital currency we maintain in online storage. Our insurance policy is made available through a combination of third-party insurance underwriters and MyCryptoexBank, who is a co-insurer under the policy.
The policy insures against theft of digital currency that results from a security breach or hack, employee theft, or fraudulent transfer.
Our policy does not cover any losses resulting from unauthorized access to your personal MyCryptoexBank account(s). It is your responsibility to use a strong password and maintain control of all login credentials you use to access MyCryptoexBank and MyCryptoexBank Exchange. Digital currency is not legal tender and is not backed by the government. Digital currency, such as Bitcoin, Litecoin, and Ethereum, is not subject to Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation protections.
Cash balances, such as U.S. Dollars, British Pounds, Euros, customers store with MyCryptoexBank are held as a balance in your MyCryptoexBank account(s). MyCryptoexBank combines your balance with the balances of other customers and holds those funds in custodial accounts at International banks. Clients funds are held as cash in dedicated custodial accounts. All custodial pooled amounts are held separate from MyCryptoexBank funds, and MyCryptoexBank will neither use these funds for its operating expenses or any other corporate purposes.