The FDIC issued letters to five crypto companies on Friday demanding that they stop making false claims about deposit insurance.
In addition to FTX US, the FDIC notified Cryptonews.com, Cryptosec.info, SmartAsset.com and FDICCrypto.com. The FDIC said the companies must"take immediate corrective action to address these false or misleading statements." The agency said knowingly misrepresenting or implying that an uninsured product is FDIC-insured is prohibited by the Federal Deposit Insurance Act., the president of FTX.
Harrison tweeted on Friday that he deleted that post and didn't mean to indicate that crypto assets stored in FTX are insured by the FDIC, but rather"USD deposits from employers were held at insured banks." "We really didn't mean to mislead anyone, and we didn't suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance," Harrison wrote.
We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance. I hope this provides clarity on our intentions. Happy to work directly with the FDIC on these important topics.FTX.US is a U.S. cryptocurrency exchange owned by FTX, which is based in the Bahamas and has been largely focused on building its business outside of the U.S.identify FTX as an"'FDIC-insured' cryptocurrency exchange.
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