In July of 2022, the Federal Deposit Insurance Corporation (FDIC) issued warnings to crypto exchanges and crypto news sites for describing crypto exchanges as “FDIC-insured” that were not. Companies like Voyager Digital and FTX would receive letters from the FDIC indicating they were in violation of Section 18(a)(4) of the Federal Deposit Insurance Act for “representing or implying that an uninsured deposit” is insured, with the possibility of a cease-and-desist order or financial penalty to follow.
Binance Somehow Avoided FDIC Censure
Binance Somehow Avoided FDIC Censure
Binance Somehow Avoided FDIC Censure
In July of 2022, the Federal Deposit Insurance Corporation (FDIC) issued warnings to crypto exchanges and crypto news sites for describing crypto exchanges as “FDIC-insured” that were not. Companies like Voyager Digital and FTX would receive letters from the FDIC indicating they were in violation of Section 18(a)(4) of the Federal Deposit Insurance Act for “representing or implying that an uninsured deposit” is insured, with the possibility of a cease-and-desist order or financial penalty to follow.