Following Voyager Digital’s software for chapter safety in the course of the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board immediately issued a joint letter to the corporate demanding a stop and desist in opposition to Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and deceptive, and the entity prohibits anybody from “representing or implying that an uninsured deposit is insured.”
FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims
On July 28, 2022, the Federal Reserve Board and FDIC issued a letter to the publicly-listed firm Voyager Digital Ltd. (TSE: VOYG). The letter claims the bankrupt Voyager misled traders with claims regarding FDIC deposit insurance coverage and the corporate is accused of violating the Federal Deposit Insurance Act.
“The FDIC and the Board of Governors of the Federal Reserve System have reason to believe that Voyager Digital, LLC, and its related-entities, by and through their officers, directors, and employees have made false and misleading statements, directly or by implication, concerning Voyager’s deposit insurance status, in violation of 12 U.S.C. § 1828(a)(4),” the letter despatched to Voyager particulars.
The FDIC particulars that Voyager made false and deceptive statements on the web site, cellular software, and social media that recommended “Voyager itself is FDIC-insured,” “customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage,” and the “FDIC would insure customers against the failure of Voyager itself.” The FDIC letter to Voyager highlights that these claims are false. The letter states:
These representations are false and deceptive and, based mostly on the knowledge we’ve to date, it seems that the representations doubtless misled and have been relied upon by clients who positioned their funds with Voyager and should not have quick entry to their funds.
Voyager is now mandated to treatment the difficulty by eradicating any false statements suggesting in any type that Voyager is insured by the FDIC. Voyager has two enterprise days to adjust to the federal government’s request. If Voyager thinks the FDIC’s claims are inaccurate, the corporate can try to show it through supplied data and documentation.
The FDIC desires a “prompt response” or it would have to take “further action, as appropriate, with respect to the foregoing or any other violations of law or regulation, or unsafe or unsound banking practice.”
What do you consider the FDIC letter to Voyager Digital that claims the corporate made false and deceptive statements that say Voyager was FDIC insured? Let us know what you consider this topic within the feedback part beneath.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photograph credit score: Mark Van Scyoc – Shutterstock
Disclaimer: This article is for informational functions solely. It isn’t a direct provide or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss triggered or alleged to be attributable to or in reference to using or reliance on any content material, items or providers talked about on this article.