• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Fed demands Voyager remove ‘false’ claims deposits are FDIC insured

Jon Hartney by Jon Hartney
July 29, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The Fed and FDIC allege that Voyager “made various representations online” that its funds were FDIC insured.

Cypto lender Voyager Digital has been directed to remove “false and misleading” statements that its user’s deposit accounts are FDIC insured.

In a joint letter written on July 28 by Seth Rosebrockfrom & Jason Gonzalez, Assistant General Counsel at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) to Voyager Digital, the authors said the representations “likely misled and were relied upon” by customers who placed funds with Voyager who now no longer have access to it.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

“These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.”

The Fed and FDIC allege that Voyager “made various representations online, including its website, mobile app, and social media accounts” which suggested it was:

“(1) Voyager itself is FDIC-insured; (2) customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage for all funds provided to, held by, on, or with Voyager; and (3) the FDIC would insure customers against the failure of Voyager itself.”

The letter additionally demanded that Voyager provide written confirmation of its compliance with the regulator’s requests within two business days, and provide a full listing of all statements regarding any reference to FDIC insurance within 10 days.

It also warned that even if Voyager met the demands outlined in the cease-and-desist letter, it won’t preclude the regulator from taking further action if deemed appropriate. 

Voyager’s website currently states that it has worked with the FDIC to update and clarify language surrounding FDIC insurance on its website in early 2021 and early 2022.

Currently, the language surrounding FDIC insurance states that USD in Voyager cash account is held at Metropolitan Commercial Bank (MCB) and is FDIC insured. 

“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.”

Cointelegraph reached out to Voyager for comment but did not receive an immediate response by the time of publication.

Only July 6, Voyager Digital filed for bankruptcy, citing debts of up to $10 billion to roughly 100,000 creditors amidst market turmoil initially caused by the collapse of the Terra ecosystem and subsequently worsened as Singaporean hedge fund Three Arrows Capital (3AC) defaulted on a $670 million loan on

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,899.00-1.70%
  • ethereumEthereum(ETH)$1,644.33-2.06%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$325.64-1.93%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • rippleXRP(XRP)$0.397110-1.28%
  • Binance USDBinance USD(BUSD)$1.00-0.14%
  • cardanoCardano(ADA)$0.389683-2.32%
  • dogecoinDogecoin(DOGE)$0.089563-3.33%
  • matic-networkPolygon(MATIC)$1.280.49%
  • OKBOKB(OKB)$44.87-2.28%
  • SolanaSolana(SOL)$22.91-4.15%
  • Lido Staked EtherLido Staked Ether(STETH)$1,640.38-2.24%
  • polkadotPolkadot(DOT)$6.73-3.33%
  • Shiba InuShiba Inu(SHIB)$0.000013-6.59%
  • litecoinLitecoin(LTC)$98.21-2.92%
  • AvalancheAvalanche(AVAX)$19.95-3.96%
  • tronTRON(TRX)$0.0666360.70%
  • daiDai(DAI)$1.00-0.04%
  • UniswapUniswap(UNI)$6.75-3.21%
  • cosmosCosmos Hub(ATOM)$14.95-1.32%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,893.00-1.50%
  • chainlinkChainlink(LINK)$7.16-0.67%
  • ToncoinToncoin(TON)$2.28-3.57%
  • ethereum-classicEthereum Classic(ETC)$22.52-2.61%
  • leo-tokenLEO Token(LEO)$3.37-0.14%
  • moneroMonero(XMR)$166.70-0.77%
  • bitcoin-cashBitcoin Cash(BCH)$131.10-3.43%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.090509-1.65%
  • AptosAptos(APT)$14.63-9.70%
  • Lido DAOLido DAO(LDO)$2.827.59%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.583.84%
  • CronosCronos(CRO)$0.083221-0.53%
  • ApeCoinApeCoin(APE)$5.68-5.87%
  • filecoinFilecoin(FIL)$5.33-4.27%
  • algorandAlgorand(ALGO)$0.2814290.33%
  • QuantQuant(QNT)$138.52-2.04%
  • HederaHedera(HBAR)$0.073754-0.37%
  • vechainVeChain(VET)$0.025596-4.04%
  • Internet ComputerInternet Computer(ICP)$5.66-3.09%
  • The GraphThe Graph(GRT)$0.178408-10.05%
  • The SandboxThe Sandbox(SAND)$0.83-6.92%
  • FantomFantom(FTM)$0.51-12.45%
  • Axie InfinityAxie Infinity(AXS)$11.942.02%
  • decentralandDecentraland(MANA)$0.75-6.23%
  • AaveAave(AAVE)$85.64-3.28%
  • eosEOS(EOS)$1.08-3.57%
  • FlowFlow(FLOW)$1.11-7.95%
  • MultiversXMultiversX(EGLD)$45.84-4.69%
  • theta-tokenTheta Network(THETA)$1.13-5.48%
  • tezosTezos(XTZ)$1.21-2.04%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000179-2.95%
  • FraxFrax(FRAX)$1.00-0.36%
  • Frax ShareFrax Share(FXS)$13.547.51%
  • paxos-standardPax Dollar(USDP)$1.000.06%
  • true-usdTrueUSD(TUSD)$1.000.08%
  • Rocket PoolRocket Pool(RPL)$47.0311.12%
  • huobi-tokenHuobi(HT)$5.32-6.77%
  • Curve DAOCurve DAO(CRV)$1.120.87%
  • kucoin-sharesKuCoin(KCS)$8.63-1.72%
  • havvenSynthetix Network(SNX)$2.66-9.58%
  • bitcoin-cash-svBitcoin SV(BSV)$42.56-2.35%
  • ChilizChiliz(CHZ)$0.153122-7.20%
  • ImmutableXImmutableX(IMX)$1.00-11.27%
  • PancakeSwapPancakeSwap(CAKE)$4.621.03%
  • USDDUSDD(USDD)$0.99-0.21%
  • eCasheCash(XEC)$0.000037-3.11%
  • BitTorrentBitTorrent(BTT)$0.000001-1.48%
  • dashDash(DASH)$63.38-4.61%
  • makerMaker(MKR)$772.47-4.33%
  • BitDAOBitDAO(BIT)$0.59-1.50%
  • Mina ProtocolMina Protocol(MINA)$0.81-6.71%
  • iotaIOTA(MIOTA)$0.243646-3.17%
  • KlaytnKlaytn(KLAY)$0.207985-3.70%
  • GateGate(GT)$4.43-0.84%
  • neoNEO(NEO)$9.08-1.22%
  • Trust WalletTrust Wallet(TWT)$1.53-4.94%
  • OKCOKC(OKT)$33.523.50%
  • ArweaveArweave(AR)$11.73-9.16%
  • OptimismOptimism(OP)$2.73-11.84%
  • OsmosisOsmosis(OSMO)$1.110.10%
  • cUSDCcUSDC(CUSDC)$0.0227490.01%
  • zcashZcash(ZEC)$44.80-4.40%
  • gemini-dollarGemini Dollar(GUSD)$1.021.74%
  • THORChainTHORChain(RUNE)$1.87-4.38%
  • singularitynetSingularityNET(AGIX)$0.459816-28.59%
  • GMXGMX(GMX)$66.06-6.65%
  • cDAIcDAI(CDAI)$0.022155-0.03%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.02%
  • Tokenize XchangeTokenize Xchange(TKX)$6.80-0.27%
  • RenderRender(RNDR)$1.70-19.15%
  • RadixRadix(XRD)$0.050274-0.40%
  • PAX GoldPAX Gold(PAXG)$1,867.870.22%
  • enjincoinEnjin Coin(ENJ)$0.496427-4.97%
  • Fetch.aiFetch.ai(FET)$0.474505-18.05%
  • zilliqaZilliqa(ZIL)$0.030237-2.30%
  • cETHcETH(CETH)$33.20-1.81%
  • Convex FinanceConvex Finance(CVX)$6.31-5.43%