Embattled Crypto Brokerage Voyager Accused of False Insurance Claims by US Fed and FDIC

Embattled Crypto Brokerage Voyager Accused of False Insurance Claims by US Fed and FDIC


The US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are accusing crypto brokerage firm Voyager Digital of falsely representing its deposit insurance status.

In a joint letter, the two regulators claim Voyager violated section 18(a)(4) of the Federal Deposit Insurance Act.

“Section 18(a)(4) of the Federal Deposit Insurance Act (‘FDI Act’), 12 U.S.C. § 1828(a)(4), prohibits any person from representing or implying that an uninsured deposit is insured or from knowingly misrepresenting the extent and manner in which a deposit liability, obligation, certificate, or share is insured under the FDI Act.”

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The agencies say Voyager, its officers and employees made various misleading statements claiming or suggesting that the company is FDIC-insured, that Voyager platform users would receive FDIC insurance coverage for funds that

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