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The US Federal Reserve (FED) and Federal Deposit Insurance Corporation (FDIC) have ordered Voyager Digital to stop making false and misleading claims to its customers about its insurance status.
jointly letter Misleading information by Voyager Digital that its funds were covered by FDIC insurance may have encouraged customers to invest, according to information sent to cryptocurrency firms on July 28. said.
A November 12, 2020 Voyager Twitter post shows that they announced that USD held in Voyager is FDIC insured up to $250,000.
are you listening? USD held in Voyager has FDIC insurance up to $250,000. Your security is our number one priority. Start growing your cryptocurrency portfolio today.
Voyager (@investvoyager) November 12, 2020
The regulator said:
Based on the information gathered to date, these representations are likely misleading and appear to have been relied upon by customers who deposited funds with Voyager and did not have immediate access to their funds.
According to the letter, Voyager has an insured Metropolitan Commercial Bank account, but did not have an insurance license from the FDIC to offer to its customers.
Voyager is required to remove all misleading statements from all relevant touchpoints within two business days. However, if you have legal evidence of FDIC deposit insurance, you can ask your regulator for further clarification.
The ceasefire order from regulators is the latest in a series of unfortunate events surrounding Voyager.
The collapse of 3AC caused Voyager to abruptly stop customer withdrawals.I applied a few days later. Chapter 11 Bankruptcy. Voyager is now seeking intervention from investors to settle creditors.
Sam Bankman-Fried’s FTX exchange has offered to buy all Voyager assets and refund customers after the troubles arose. However, Voyager declined the offer and “Lowball bidding disguised as the rescue of the White Knight”
Voyager has withdrawn from the FTX deal and said it is working on a restructuring process to return maximum value to its customers and stakeholders.
on July 11th update, Voyager has initiated a voluntary restructuring process to return funds to customers in cryptocurrencies and common stock.The holdings of crypto assets are about $1.3 billion, and $650 million Debts of the bankrupt Three Arrows Capital (3AC).
