Is River bitcoin safe?
- Fee on a $1,000 buy
- $10by bank transfer
- Bank withdrawal time
- 1–3 days
- Coins
- Not published
In the US, River's customers deal with River Financial Inc. Any crypto you hold on River isn't FDIC insured. In primary sources, we found no hack against River and no enforcement action against it.
River's licences and registrations
The company running River's US business is River Financial Inc.
For New York, River holds no NYDFS licence.
River publishes its state licences on its licences page.
The way your money is held
Proof of reserves, in River's words: an on-chain Proof of Reserves that is live, plus an anonymised Proof of Liabilities. The page listed assets of 33,404.73460549 BTC against liabilities of 33,332.42473254 BTC. It counts as an attestation rather than a full audit of River.
River says on custody that 100% of client bitcoin deposits sit in multisig cold storage after purchase.
For accounts, River offers 2-factor authentication, checks for new devices and ForceField send limits.
Scams aimed at River users, including text scams
Don't give your River password or 2FA code to anyone, and don't move money to a "safe wallet" because of a text or call. Reach River only via its app or website.
River FDIC insured: yes or no?
River's insurance statement: USD sits at Lead Bank, Member FDIC; FDIC cover goes up to $250,000, and it does not cover a River failure.
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Questions that people ask
Is River really legit?
Yes, River runs a real business, and US customers work with River Financial Inc.
Are crypto holdings on River FDIC insured?
The crypto isn't. On insurance, River says USD sits at Lead Bank, Member FDIC. FDIC insurance covers up to $250,000, but not a River failure.
If a River code arrives that I didn't request, what should I do?
Take it as a warning sign. Never share a River password or 2FA code with anyone. Don't send funds to a "safe wallet" just because a text or call tells you to. Reach River only through the app or the website.