Alerts8.26.22
Cease and Desist Orders Made to Five Crypto Providers for Statements Relating to FDIC Insurance Coverage

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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