{"id":478947,"date":"2022-07-29T07:09:12","date_gmt":"2022-07-29T04:09:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fed-demands-voyager-remove-false-claims-deposits-are-fdic-insured\/"},"modified":"2022-07-29T07:09:12","modified_gmt":"2022-07-29T04:09:12","slug":"fed-demands-voyager-remove-false-claims-deposits-are-fdic-insured","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fed-demands-voyager-remove-false-claims-deposits-are-fdic-insured\/","title":{"rendered":"# Fed demands Voyager remove &#8216;false&#8217; claims deposits are FDIC insured"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a33787de61e2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a33787de61e2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-demands-voyager-remove-false-claims-deposits-are-fdic-insured\/#%E2%80%9D_Fed_demands_Voyager_remove_%E2%80%98false_claims_deposits_are_FDIC_insured_%E2%80%9C\" >&#8221; Fed demands Voyager remove &#8216;false&#8217; claims deposits are FDIC insured &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Fed_demands_Voyager_remove_%E2%80%98false_claims_deposits_are_FDIC_insured_%E2%80%9C\"><\/span>&#8221; Fed demands Voyager remove &#8216;false&#8217; claims deposits are FDIC insured &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvZDhlMjM1MjgtOWJjYS00YzI2LThhYWItNDQ4NjIzNWY4MDRmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Cypto lender Voyager Digital has been directed to remove \u201cfalse and misleading\u201d statements that its user\u2019s deposit accounts are FDIC insured.<\/p>\n<p>In a joint <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/bcreg20220728a1.pdf\">letter<\/a> written on July 28 by Seth Rosebrockfrom &amp; Jason Gonzalez, Assistant <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Counsel at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) to Voyager Digital, the authors said the representations \u201clikely misled and were relied upon\u201d by customers who placed funds with Voyager who now no longer have access to it. <\/p>\n<blockquote><p>\u201cThese representations are false and misleading and, based on the information we have to date, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te access to their funds.&#8221;<\/p><\/blockquote>\n<p>The Fed and FDIC allege that Voyager \u201cmade various representations online, including its website, mobile app, and social media accounts\u201d which suggested it was: <\/p>\n<p>\u201c(1) Voyager itself is FDIC-insured; (2) customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage for all funds provided to, held by, on, or with Voyager; and (3) the FDIC would insure customers against the failure of Voyager itself.\u201d<\/p>\n<p>The letter additionally demanded that Voyager provide written confirmation of its compliance with the regulator\u2019s requests within two business days, and provide a full listing of all statements regarding any reference to FDIC insurance within 10 days.<\/p>\n<p>It also warned that even if Voyager met the demands outlined in the cease-and-desist letter, it won&#8217;t preclude the regulator from taking further action if deemed appropriate.\u00a0<\/p>\n<p>Voyager&#8217;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.<\/p>\n<p>Currently, the language surrounding FDIC insurance states that USD in Voyager cash account is held at\u00a0Metropolitan Commercial Bank (MCB) and is FDIC insured.\u00a0<\/p>\n<blockquote><p>&#8220;FDIC insurance does not protect against the failure of Voyager, but to be clear: Voyager does not hold customer cash, that cash is held at MCB.&#8221;<\/p><\/blockquote>\n<p>Cointelegraph reached out to Voyager for comment but did not receive an immediate response by the time of publication. <\/p>\n<p>Only July 6, Voyager Digital filed for bankruptcy, citing debts of up to $10 billion to roughly 100,000 creditors amidst market turmoil initially caused by the collapse of the Terra ecosystem and subsequently worsened as Singaporean hedge fund Three Arrows Capital (3AC) defaulted on a $670 million loan on <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fed-demands-voyager-remove-false-claims-deposits-are-fdic-insured\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Fed demands Voyager remove &#8216;false&#8217; claims deposits are FDIC insured &#8220; Cypto lender Voyager Digital has been directed to remove \u201cfalse and misleading\u201d statements that its user\u2019s deposit accounts are FDIC insured. In a joint letter written on July 28 by Seth Rosebrockfrom &amp; Jason Gonzalez, Assistant General Counsel at the Federal Reserve and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":478948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvZDhlMjM1MjgtOWJjYS00YzI2LThhYWItNDQ4NjIzNWY4MDRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,75917,4978,117,70550,71006,70934],"class_list":["post-478947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-exchanges","tag-bankruptcy","tag-business","tag-federal-reserve","tag-fraud","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=478947"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/478948"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=478947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=478947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=478947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}