The Federal Reserve and the FDIC have demanded Voyager Digital cease and remove all 'false and misleading' claims that their users' funds are FDIC insured.
Cypto lender Voyager Digital has been directed to remove “false and misleading” statements that its user’s deposit accounts are FDIC insured.written on July 28 by Seth Rosebrockfrom & Jason Gonzalez, Assistant General Counsel at the Federal Reserve and the Federal Deposit Insurance Corporation 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.
The Fed and FDIC allege that Voyager “made various representations online, including its website, mobile app, and social media accounts” which suggested it was: 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.
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.
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