More trouble for crypto company “Voyager” after a warning issued by the “FDIC”
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Answer More trouble for crypto company “Voyager” after a warning issued by the “FDIC”
issued The US Federal Deposit Insurance Corporation (FDIC) issued a statement to banks and institutions insured by the FDIC regarding their policies toward Voyager crypto.
The US Federal Deposit Insurance Corporation (FDIC) does not cover crypto companies:
The US Federal Deposit Insurance Corporation has expanded its warning to all bankers, saying they need to verify their crypto partners, and made it clear that it is against claiming that clients’ funds are protected by the government simply because they are associated with these banks.
The authority expressed in its letter on Friday that its deposit insurance is applicable only in the rare case of failure of the insured bank.Read:CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy
The Federal Deposit Insurance Corporation (FDIC), which protects depositors of insured banks from losing their deposits, has stated that this does not apply to bodies that mimic the work of banks.
FDIC deposit insurance covers products offered by insured banks, such as checking and savings accounts.
The Deposit Insurance Corporation clarified that deposit insurance does not apply to non-deposited products, such as stocks, bonds, money market mutual funds, securities, commodities or crypto assets.
Voyager’s brawl with the Feds and the US FDIC:
Earlier, US regulators ordered troubled crypto lender Voyager to stop telling its customers that their money is protected by the US government through FDIC insurance just because it has accounts at Metropolitan Commercial Bank in New York.
The Federal Reserve and the FDIC on Thursday clarified the fallacies made by Voyager:
Voyager has made various representations over the Internet, including its website, mobile application, and social media accounts, indicating or suggesting that:
(1) Voyager itself is FDIC insured; (ii) Customers who invest in the Voyager cryptocurrency platform will receive FDIC insurance coverage for all funds provided to, held by, on or with Voyager; and (3) the FDIC will insure customers against failure of Voyager itself.Read:Coinmama hacked, 450,000 users’ data stolen
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