多宝游戏下载 Demands Unbanked, Inc. Cease Making False or Misleading Representations about Deposit Insurance
For Release
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) today demanded Unbanked, Inc. (Unbanked) of Alpharetta, Georgia, as well as certain of the company鈥檚 officers, cease and desist from making false and misleading statements about 多宝游戏下载 deposit insurance and to immediately correct these statements.
Unbanked is a non-bank company that has represented banking relationships with two 多宝游戏下载-insured banks. Based upon evidence collected by the 多宝游戏下载, Unbanked made false representations on its website, in promotional materials, and on social media platforms stating or suggesting its crypto-related products and services are 多宝游戏下载-insured. These representations included claims that Unbanked offered 多宝游戏下载-insured 鈥渃rypto accounts,鈥 without any disclaimer that cryptocurrency is not 多宝游戏下载-insured or guaranteed.
Unbanked鈥檚 statements appear represent or imply that: (1) 多宝游戏下载 insurance is available for cryptocurrency, and (2) 多宝游戏下载 insurance would protect against cryptocurrency-related losses. In fact, 多宝游戏下载 insurance does not cover cryptocurrency or digital assets. In addition, the 多宝游戏下载 only insures deposits held in 多宝游戏下载-insured financial institutions and only protects against losses caused by the failure of an 多宝游戏下载-insured financial institution.
The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured product is 多宝游戏下载鈥搃nsured or from knowingly misrepresenting the extent and manner of deposit insurance. The FDI Act further prohibits companies from implying that their products are 多宝游戏下载鈥搃nsured by using 鈥湺啾τ蜗废略剽 in the company鈥檚 name, advertisements, or other documents.