Alerts8.26.22

Cease and Desist Orders Made to Five Crypto Providers for Statements Relating to FDIC Insurance Coverage

Bitcoin_detail

Highlights

FDIC issues cease and desist letters to five crypto businesses and news providers

Federal Deposit Insurance Act prohibits falsely claiming products are insured or endorsed by FDIC

Regulators increase scrutiny for statements made concerning deposit insurance for flow-through insurance and customer deposits


The Federal Deposit Insurance Corporation (FDIC) recently issued letters demanding that five crypto companies cease and desist from making false and misleading statements about FDIC insurance and take immediate corrective action to address false and misleading statements.

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