2 years ago
The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital implicit claims that it is FDIC-insured. The crypto steadfast antecedently explained that done its strategical relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.”
Voyager Probed by FDIC
The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its selling of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official.
The FDIC is an autarkic bureau created by Congress to support stableness and nationalist assurance successful the nation’s fiscal system. It regulates and insures the deposits of a fig of assemblage banks and different fiscal institutions. “The modular security magnitude is $250,000 per depositor, per insured bank, for each relationship ownership category,” the regulator’s website details.
While crypto lender Voyager is not an FDIC-insured bank, it claimed to beryllium FDIC-insured done a banking partner. The Voyager squad wrote successful a blog station backmost successful December 2019:
Through our strategical relationships with our banking partner, Metropolitan Commercial Bank, each customers’ USD held with Voyager is FDIC insured.
The authoritative Twitter relationship of the crypto lender besides tweeted galore times, bragging astir the company’s FDIC insurance. One of the tweets reads: “Have you heard? USD held with Voyager is FDIC insured up to $250K. Our customers’ information is our apical priority. Start increasing your crypto portfolio today.”
On respective occasions, the crypto lender assured Twitter users who doubted its FDIC security that customers’ USD held with the institution is harmless and FDIC-insured.
When Voyager suspended trading, deposits, and withdrawals past week, Metropolitan Commercial Bank, a New York-chartered slope and a subordinate of the FDIC, issued a statement regarding FDIC sum disposable to Voyager customers.
The slope explained that it “maintains an omnibus account” successful U.S. dollars for the payment of Voyager customers. While noting that Voyager lawsuit funds held by Metropolitan Commercial Bank are insured by the FDIC up to $250,000, the slope stressed:
FDIC security sum is disposable lone to support against the nonaccomplishment of Metropolitan Commercial Bank. FDIC security does not support against the nonaccomplishment of Voyager.
On Wednesday, Voyager said that it has filed for Chapter 11 bankruptcy. The crypto lender tweeted Sunday: “We presently person astir $1.3 cardinal of crypto assets connected our platform, positive claims against Three Arrows Capital of much than $650 million. We besides person implicit $350 cardinal of currency astatine Metropolitan Commercial Bank.”
What bash you deliberation astir the FDIC probing Voyager implicit claims that it is FDIC-insured? Let america cognize successful the comments conception below.
English (US) 