FDIC Asks Voyager To Stop Making False And Misleading Statements

FDIC asks Voyager to stop making false and misleading statements. Along with the Federal Reserve, a letter was released on 28 July explaining the misleading statements made by Voyager.

The False and Misleading Statements

In a Twitter post made by FDIC on 28 July, they demanded Voyager stop making false statements regarding deposit insurance and to make a clarification.

There are three points that FDIC highlighted about Voyager’s misleading statements:

“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, and held by, Voyager; and 3. The FDIC would insure customers against the failure of Voyager itself.”

These statements had likely spread among users of Voyager who do not have access to their accounts. The Federal Deposit Insurance Act prohibits anyone or company from saying that an uninsured deposit is insured.

FDIC Demands Voyager’s Actions

In the joint letter by FDIC and the Fed, they demanded Voyager take immediate actions to clear these issues. 

They wanted Voyager to remove all information referring to the false statements and give a written letter to FDIC within two business days that they would comply with the request.

Moreover, if Voyager’s statements were correct, FDIC asked the company to provide written confirmation and a list of information to support the claims.

Voyager filed for bankruptcy on 6 July. They are currently struggling to recover amid the issues with Terra. Moreover, they also have problems with users’ accounts.

People in the community are still talking about Voyager’s issues that keep popping up. They are waiting to see the new updates on what will happen next.

Related: Voyager Releases A Letter of Rejection Offer From FTX

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