2 years ago
The Federal Deposit Insurance Corp. (FDIC) said Aug. 19 that it has issued letters demanding Cryptonews.com, Cryptoytosec.info, SmartAsset.com, FTX.US and FDICCrypto.com to halt making misleading statements astir FDIC deposit security and instrumentality corrective measures.
FDIC deposit security protects customers successful the improbable lawsuit of the nonaccomplishment of an FDIC-insured bank.
In the cease and desist letters sent Aug. 18, the FDIC demanded that the companies, their officers and employees abstain from alluding to immoderate beingness of FDIC deposit security astatine definite exchanges oregon their ain platforms. It besides demanded that the companies instrumentality contiguous measures to close immoderate mendacious and misleading statements made previously.
The FDIC alleges successful the substance of the letters that each entity has purportedly misrepresented the depository security presumption of holdings oregon furthered falsehoods concerning the sum of deposit insurance.
Based connected the grounds presented by the FDIC successful the letter, each of the companies allegedly made mendacious representations — including connected their websites and societal media accounts — stating oregon suggesting that definite crypto-related products are FDIC-insured oregon that stocks held successful brokerage accounts are FDIC-insured.
More details to follow…
The station FDIC sends 5 companies, including FTX.US, cease and desist letters for making mendacious statements astir deposit insurance appeared archetypal connected CryptoSlate.
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