Federal Reserve Orders Voyager Digital To Stop Making Misleading Claims

U.S. banking regulators order Voyager to stop making “false and misleading” insurance claims.

US regulators ordered Voyager Digital from making “false and misleading” claims regarding deposit insurance protection for customers.

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The Federal Reserve and the Federal Deposit Insurance Corp sent a letter to the crypto firm on Thursday.

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US regulators believe that Voyager had misled customers by claiming their funds with the company would be covered by the FDIC.

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Voyager only had a deposit account with Metropolitan Commercial Bank, but customers’ deposits with Voyager were not FDIC insured.

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In a letter sent to company executives, the regulators ordered the company to remove all misleading statements within two business days.

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Voyager Digital filed for bankruptcy earlier this month.

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In its bankruptcy filing, Voyager estimated that it had more than 100,000 creditors and between $1 billion and $10 billion in assets.

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