Following Voyager Digital’s utility for chapter safety through the first week of July, Federal Deposit Insurance coverage Company (FDIC) and the Federal Reserve Board immediately issued a joint letter to the corporate demanding a stop and desist towards 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 Revealed Deceptive 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 buyers with claims regarding FDIC deposit insurance coverage and the corporate is accused of violating the Federal Deposit Insurance coverage Act.
“The FDIC and the Board of Governors of the Federal Reserve System have cause to consider that Voyager Digital, LLC, and its related-entities, by and thru their officers, administrators, and staff have made false and deceptive statements, straight or by implication, regarding Voyager’s deposit insurance coverage standing, 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, cell utility, and social media that prompt “Voyager itself is FDIC-insured,” “clients who invested with the Voyager cryptocurrency platform would obtain FDIC insurance coverage protection,” and the “FDIC would insure clients towards 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, primarily based on the data we’ve to this point, it seems that the representations doubtless misled and had been relied upon by clients who positioned their funds with Voyager and should not have speedy entry to their funds.
Voyager is now mandated to treatment the difficulty by eradicating any false statements suggesting in any kind 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 offered info and documentation.
The FDIC desires a “immediate response” or it should take “additional motion, as acceptable, with respect to the foregoing or another violations of regulation or regulation, or unsafe or unsound banking observe.”
What do you concentrate on the FDIC letter to Voyager Digital that claims the corporate made false and deceptive statements that say Voyager was FDIC insured? Tell us what you concentrate on this topic in the feedback part beneath.
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