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For release

WASHINGTON — �౦��Ϸ���� (�౦��Ϸ����) today issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about �౦��Ϸ���� deposit insurance. The �౦��Ϸ���� is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon), which operates Upstream Exchange; and Zil Money Corporation (Zil) take immediate corrective action to address these false or misleading statements.

Based upon evidence collected by the �౦��Ϸ����, the companies and certain associated parties made false representations by: (1) stating or suggesting that these entities are �౦��Ϸ����-insured or that certain uninsured financial products are insured by the �౦��Ϸ����; (2) misusing the �౦��Ϸ���� name or logo; (3) misrepresenting the nature or extent of deposit insurance; and/or (4) failing to clearly identify the insured depository institutions with which they have a relationship for the placement of customer deposits and into which funds may be deposited. These material misrepresentations and omissions are false and misleading, and have the potential to harm consumers.

“Combatting misrepresentations about deposit insurance coverage goes to the heart of the �౦��Ϸ����’s mission of maintaining stability and public confidence in the nation’s banking system,” said �౦��Ϸ���� Chairman Martin J. Gruenberg. “These practices can not only confuse and harm those who are targeted with the false promise of deposit insurance, but, if left unchecked, could also undermine confidence in the �౦��Ϸ����, �౦��Ϸ����–insured banks, and the U.S. banking system.”

The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured financial 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 they are �౦��Ϸ����-insured or 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.

On December 20, 2023, the �౦��Ϸ���� Board of Directors adopted a final rule to amend part 328 of its regulations , which updates the �౦��Ϸ����’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the �౦��Ϸ����’s name and logo. For example, the final rule clarifies that �౦��Ϸ����–associated terms or images may not be used in marketing and advertising materials to inaccurately imply or represent that any uninsured financial product or non–bank entity is insured or guaranteed by the �౦��Ϸ����.

�౦��Ϸ���� deposit insurance protects customers in the unlikely event of the failure of an insured depository institution. 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 digital asset companies, read the following fact sheet .