Voyager Digital is ordered to stop making false claims

Voyager Digital is ordered to stop making false claims

Voyager Digital is ordered to stop making false claims

The prominent crypto lender Voyager Digital has been instructed by the United States regulatory authorities to stop making false claims regarding the company’s insurance policies. Moreover, Federal Reserve and Federal deposit insurance corporation (FDIC) issued the company a cease-and-desist warning sign statement. 

“Voyager has made various representations online, including its website, mobile app, and social media accounts, stating or suggesting that: (1) Voyager itself is FDIC-insured; (2) customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage for all funds provided to, held by, on, or with Voyager; and (3) the FDIC would insure customers against the failure of Voyager itself,” as quoted in the letter.  

Voyager Digital

Furthermore, the letter states, “These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.”

Voyager Digital declared bankruptcy earlier this month, making false claims that the customers who invested on the platform would get protection from the Federal deposit insurance corporation (FDIC). However, this is completely a false statement. Voyager Digital just have a deposit account with the Metropolitan Commercial Bank, and FDIC does not insure customers or investors who invested in the company. 

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