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The United States Federal Deposit Insurance Corporation, or FDIC, has issued an advisory informing the public it “does not insure assets issued by non-bank entities, such as crypto companies.”In a Friday notice, the FDIC advised banks in the U.S. that they needed to assess and manage risks in third-party relationships
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“FDIC insurance does not protect a nonbank’s customers against the default, insolvency, or bankruptcy of any nonbank entity, including crypto custodians, exchanges, brokers, wallet providers, or other entities that appear to mimic banks but are not,” the agency instructed. Source
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Cypto lender Voyager Digital has been directed to remove “false and misleading” statements that its user’s deposit accounts are FDIC insured.In a joint letter written on July 28 by Seth Rosebrockfrom & Jason Gonzalez, Assistant General Counsel at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) to Voyager
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Meghji, now a professor at Duke University’s Pratt School of Engineering with a focus on artificial intelligence, Web3 and cybersecurity, told CryptoX during “First Mover” that because the U.S. does not have a regulatory regime in place for crypto, it is using enforcement action to get a handle on overseeing
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The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, “all customers’ USD held with Voyager is FDIC insured.” Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is
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Some Voyager Digital account holders were surprised when they discovered that their deposits did not have the protection they thought they did after the crypto brokerage and lender filed for bankruptcy Tuesday. This could mean additional consequences for Voyager Digital. Voyager Digital filed for bankruptcy under Chapter 11, citing debts of
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The FDIC – a federal regulator tasked with overseeing bank stability in the U.S. – protects customers from losing their funds in the event of a bank collapse, insuring up to $250,000 per account. This insurance, however, usually only applies to an actual bank failure, not upon failure of the
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On Thursday, the Federal Deposit Insurance Corporation (FDIC) issued a financial institution letter – a letter sent to CEOs of FDIC-insured banks – requesting that banks should notify their regional FDIC director of their crypto activities. This request applies to both current and future crypto-related activities. Original Source
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The Federal Deposit Insurance Corporation, the United States government corporation that insures depositors at U.S. commercial and savings banks, issued a financial institution letter Thursday. The letter requests the institutions supervised by the agency to notify the appropriate regional director of their activities with crypto-related assets or their intentions to
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Martin Gruenberg said agencies like the FDIC needed to provide “robust guidance” to the banking industry on how to manage the risks to consumers posed by crypto assets. Original Source
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