9/15/2023 0 Comments Twitter download jar![]() Voyager still has statements on its website and Twitter account claiming customers' dollar balances are FDIC-insured. "By federal law, the FDIC only insures deposits held in insured banks and savings associations (collectively, 'insured banks') and only in the unlikely event of an insured bank’s failure," the fact sheet said. The FDIC also released a fact sheet for consumers about when its insurance kicks in. "Moreover, non-bank customers may not understand the role of the bank as it relates to the activities of the non-bank, or the speculative nature of certain crypto assets as compared to deposit products." "Inaccurate representations about deposit insurance by non-banks, including crypto companies, may confuse the non-bank’s customers and cause those customers to mistakenly believe they are protected against any type of loss," the agency's guidance said. Metropolitan is far from the only bank holding deposits on behalf of crypto companies, and now the FDIC wants to ensure customers are not further confused about how, or if, their assets are covered.
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