�౦��Ϸ����

For Release

WASHINGTON – �౦��Ϸ���� (�౦��Ϸ����) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about �౦��Ϸ���� deposit insurance and take immediate corrective action to address these false or misleading statements.

Based upon evidence collected by the �౦��Ϸ����, each of these companies made false representations—including on their websites and social media accounts—stating or suggesting that certain crypto–related products are �౦��Ϸ����–insured or that stocks held in brokerage accounts are �౦��Ϸ����–insured. In one case, a company offering a so–called cryptocurrency also registered a domain name that suggests affiliation with or endorsement by the �౦��Ϸ����. These representations are false and misleading.

The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured product is �౦��Ϸ����–insured or from knowingly misrepresenting the extent and manner of deposit insurance. The FDI Act further prohibits companies from implying that their products are �౦��Ϸ����–insured by using “�౦��Ϸ����” in the company’s name, advertisements, or other documents. The �౦��Ϸ���� is authorized by the FDI Act to enforce this prohibition against any person.

�౦��Ϸ���� deposit insurance protects customers in the unlikely event of the failure of an �౦��Ϸ����–insured bank. To determine if an institution is �౦��Ϸ����–insured, you can ask a representative of the institution, look for the �౦��Ϸ���� sign at the institution, or use the �౦��Ϸ����’s tool. For general information about �౦��Ϸ���� deposit insurance, read the following frequently asked questions . For more information about �౦��Ϸ���� insurance and crypto companies, read the following fact sheet .

• Read the �౦��Ϸ����’s letter to Cryptonews.com
• Read the �౦��Ϸ����’s letter to Cryptosec.info
• Read the �౦��Ϸ����’s letter to SmartAsset.com
• Read the �౦��Ϸ����’s letter to FTX US
• Read the �౦��Ϸ����’s letter to �౦��Ϸ����Crypto.com