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