BREAKING: FDIC issues cease-and-desist letters to FTX US, other crypto firms over deposit insurance
have been directed to"take immediate corrective action to address these false or misleading statements," according to an announcement from the FDIC.
The move represents the latest public action by the FDIC regarding depository insurance claims. Late last month, the FDIC issued a statement declaring that crypto companies are not covered by federal depository insurance. That development came in the wake of the bankruptcy filing by crypto firm Voyager.
In the case of FTX US, the cease and desist letter cites a tweet from President Brett Harrison that claims direct deposits from employers to FTX and stocks are held in FDIC-insured accounts. It also calls out thatidentifies FTX as an FDIC-insured exchange. The regulator says these statements appear to contain false and misleading representations that uninsured products are FDIC-insured.
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