Feds tell crypto broker Voyager to stop claiming it's FDIC insured — because it's not
CBSN
Federal regulators have ordered cryptocurrency brokerage Voyager Digital to stop telling customers that their deposits are protected from losses by the Federal Deposit Insurance Corporation because that's not true, according to letters from regulators sent this week.
Voyager has mentioned its federally insured status on its website, mobile app and social media accounts.
"Your USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured, so the cash you hold with Voyager is protected," Voyager's website said Friday, claiming deposits are "FDIC insured on USD $250,000."
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