FTX US Receives Stop and Desist Order From FDIC

FTX US – one of many United States’ main cryptocurrency exchanges – has obtained a stop and desist order from the Federal Deposit Insurance coverage Company (FDIC). The regulator has accused the alternate of creating false and deceptive claims about its clients’ FDIC protection. 

  • Within the letter issued on Thursday, the FDIC took subject with claims made by FTX US President Brett Harrison on Twitter. 
  • Harrison claimed that when employers make direct deposits to FTX US, they’re saved in FDIC-insured financial institution accounts below the names. He additionally acknowledged that shares are held by FDIC-insured brokerage accounts. 
  • The FDIC labeled these claims false and deceptive in a number of methods. For example, they suggest that FTX US is FDIC insured and that FDIC insurance coverage extends to cryptocurrencies and shares. In keeping with the regulator, neither declare is true. 
  • “The FDIC only insures deposits held in insured banks and savings associations,” the letter acknowledged. “FDIC insurance only protects against losses caused by the failure of insured institutions.”

  • As such, the authority demanded that Harrison instantly revoke all associated statements, and stop and desist from doing so sooner or later. 
  • On Friday, Harrison clarified that he deleted the tweet that the FDIC took subject with, per their instruction.  
  • “We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance,” he added. 

  • The FDIC additionally focused Voyager Digital – the now bankrupt crypto lender – for making equally false claims relating to its FDIC protection in July. 



See Also
FTX Token Value Prediction 2022

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