FTX US is about to receive a letter from FDIC. And not exactly a love declaration.
The Federal Deposit Insurance Corporation has issued cease and desist letters to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies.a Friday press release disclosing cease and desist letters for cryptocurrency exchange FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec.
“These representations are false or misleading,” the FDIC said in regard to “certain crypto-related products” being FDIC-insured or that “stocks held in brokerage accounts are FDIC-insured.” The regulator said these companies must “take immediate corrective action to address these false or misleading statements” on their websites and social media accounts.The FDIC has been vocal about the lack of insurance protection for non-bank entities, which includes crypto-focused firms.
when forming third-party relationships with crypto service providers. The FDIC reiterated that, while deposits at insured banks were protected against default for up to $250,000, no such coverage exists for crypto firms.It has been alleged that the FDIC has taken an overly harsh approach to digital assets, going as far as discouraging banks from dealing with crypto service providers.
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