US Demands Voyager Clarify Client Funds Are Not FDIC Insured
- Fed and FDIC call previous statements ‘false and misleading’
- Crypto firm has filed for bankruptcy protection in the US
The Voyager Digital Ltd. application.
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Bankrupt crypto platform Voyager Digital LLC must correct “false and misleading statements” that suggested its customers were covered by Federal Deposit Insurance Corporation protection, US officials said on Thursday.
Voyager, one of the latest casualties of the turmoil in crypto markets, had publicly said in some materials that any US dollars deposited with the firm are covered by FDIC insurance, thanks to its partnership with Metropolitan Commercial Bank. The FDIC said earlier this month that while the bank is insured, Voyager is not. Therefore deposit insurance does not protect Voyager customers against the digital-asset firm’s default.