U.S. regulators order Voyager Digital to stop ‘false and misleading’ deposit insurance claims

07/29/2022

Less than a minute

2022.07.29 00:37

U.S. regulators order Voyager Digital to stop 'false and misleading' deposit insurance claims
FILE PHOTO: Representations of cryptocurrencies and Voyager Digital logo are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations

WASHINGTON (Reuters) – U.S. banking regulators have ordered crypto firm Voyager Digital to cease and desist from making “false and misleading” claims regarding deposit insurance protection for customers.

The Federal Reserve and the Federal Deposit Insurance Corp sent a letter to the firm on Thursday, stating they believed that Voyager had misled customers by claiming their funds with the company would be covered by the FDIC. In reality, the company simply had a deposit account with Metropolitan Commercial Bank, but customers’ deposits with Voyager, which declared bankruptcy earlier this month, were not FDIC insured.

07/29/2022

Less than a minute

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