FDIC Ordered Voyager To Stop Spreading Misleading Insurance Claims

The FDIC ordered Voyager to stop spreading misleading insurance claims and the company has to remove the claims that it and its customers are FDIC insured so let’s read more today in our latest cryptocurrency news today.

The US Banking regulators from the Federal Reserve and the Federal Deposit Insurance Corporation issued a cease and desist order to Voyager Digital and the agencies accused it of making false and misleading claims in telling customers the funds were insured by the government. The FDIC announced a new probe into Voyager’s claims of being FDIC insured via the company’s partnership with Metropolitan Commerical Bank. Regulators added:

“MCB is a depository institution whose deposits are insured by the FDIC. The Board of Governors is the primary federal regulator of MCB.”

Together with the @FederalReserve, we issued a letter to #VoyagerDigital, demanding they cease and desist from making false and misleading statements on their FDIC deposit insurance status and take immediate action to correct these false statements. https://t.co/sWv1n7z710

— FDIC (@FDICgov) July 28, 2022

FDIC ordered Voyager to stop spreading misleading insurance claims and Voyager filed for bankruptcy after revealing the company had $661 million exposure to the failed hedge fund three arrows capital. It is now accused of claiming on the website, social media, and apps being FDIC insured. The regulator’s order demands that Voyager has to remove all statements representations or other references that suggest that the FDIC insures Voyager and customers will receive FDIC insurance coverage or the FDIC will insure customers against the failure of Voyager.
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The 2019 blog post titled “USD held with Voyager is now FDIC insured” claimed that the FDIC insurance covered both its banking partner and Voyager in case of failure and the mutual customers guarantee reimbursement of up to $250,000.

The website added that USD in the customer’s Voyager cash account is held at MCB and FDIC insured there and the update reads:

“That means you are covered in the event of MCB’s failure, up to a maximum of $250,000 per Voyager customer. FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.”

Voyager updated the blog post and the order demanded that Voyager will provide written proof that the company complied with the order within two busienss days of receiving the letter:

“Such confirmation shall detail the efforts that Voyager took to comply with this letter, including all steps undertaken by Voyager to identify and locate all such misrepresentations.”