Following Voyager Digital’s application for insolvency security during the main seven day stretch of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today gave a joint letter to the organization requesting a quit it against Voyager’s FDIC claims. The FDIC’s letter makes sense of that Voyager’s FDIC claims are bogus and deceiving, and the element denies 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 openly recorded organization Voyager Digital Ltd. (TSE: VOYG). The letter guarantees the bankrupt Voyager misdirected financial backers with claims concerning FDIC store protection and the organization is blamed for abusing 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 shipped off Voyager details.

The FDIC subtleties that Voyager offered bogus and deluding expressions on the site, versatile application, and web-based entertainment that proposed “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 features that these cases are misleading. The letter states:

These portrayals are bogus and deceiving and, in view of the data we need to date, apparently the portrayals probably deluded and were depended upon by clients who put their assets with Voyager and don’t have prompt admittance to their funds.

Voyager is currently ordered to cure the issue by eliminating any misleading assertions recommending in any structure that Voyager is guaranteed by the FDIC. Explorer has two work days to agree with the public authority’s solicitation. On the off chance that Voyager thinks the FDIC’s cases are incorrect, the organization can endeavor to demonstrate it through gave data and documentation.

The FDIC needs a “prompt response” or it should take “further action, as appropriate, with respect to the foregoing or any other violations of law or regulation, or unsafe or unsound banking practice.”

Labels in this story

Application Claims, claims, bogus proclamations, FDIC, FDIC Claims, Federal Deposit Insurance Corporation, Federal Deposits, Federal Reserve Board, Insured Deposits, Letter, deluding, Regulation, infringement, explorer, Voyager Digital, Website Claims

What is your take on the FDIC letter to Voyager Digital that guarantees the organization offered bogus and deluding expressions that say Voyager was FDIC safeguarded? Tell us your opinion regarding this matter in the remarks segment below.


Jamie Redman

Jamie Redman is the News Lead at News and a monetary tech columnist living in Florida. Redman has been a functioning individual from the digital currency local area beginning around 2011. He has an enthusiasm for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has composed in excess of 5,700 articles for News about the problematic conventions arising today.

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