多宝游戏下载 and Federal Reserve Issue Letter Demanding Voyager Digital Cease and Desist from Making False or Misleading Representations of Deposit Insurance Status
For release: July 28, 2022
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) and the Federal Reserve Board today issued a joint letter demanding that the crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements concerning the company鈥檚 多宝游戏下载 deposit insurance status and take immediate corrective action to address these false statements.
According to the agencies, Voyager and certain officers and employees made false representations online, including its website, mobile app, and social media accounts, stating or suggesting that:
- Voyager itself is 多宝游戏下载鈥搃nsured;
- Customers who invested with the Voyager cryptocurrency platform would receive 多宝游戏下载 insurance coverage for all funds provided to, and held by, Voyager; and
- The 多宝游戏下载 would insure customers against the failure of Voyager itself.
These representations are false and misleading. Based on the information gathered to date, it appears that these representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.
The Federal Deposit Insurance Act, prohibits any person from representing or implying that an uninsured deposit is insured or from knowingly misrepresenting the extent and manner in which a deposit liability, obligation, certificate, or share is insured under the Act. The 多宝游戏下载 is authorized to enforce this prohibition against any person.
Voyager maintains a deposit account for the benefit of its customers at Metropolitan Commercial Bank, which is supervised by the Board. Voyager is not itself insured by the 多宝游戏下载, though, and so customers who invested through its cryptocurrency platform would not receive insurance coverage in the event of Voyager鈥檚 failure.
The 多宝游戏下载 deposit insurance program protects customers in the event of the failure of an 多宝游戏下载鈥搃nsured bank. To determine if an institution is 多宝游戏下载鈥搃nsured, you can ask a representative of the institution, look for the 多宝游戏下载 sign at the institution, or use the 多宝游戏下载鈥檚 tool. For more information about 多宝游戏下载 deposit insurance, please see the following FAQs .