E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Opening Bell: Sensex gains nearly 125 points, Nifty50 starts above 17,550 – Auto, FMCG, Pharma lead the surge

August 10, 2022

This insurance company declares Rs 861 crore bonus for policyholders – Are you eligible?

August 10, 2022

Asian shares slip ahead of crucial US inflation data

August 10, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»FDIC Investigates Voyager’s Claims About Customers’ Funds Covered by Deposit Insurance: Report
Crypto

FDIC Investigates Voyager’s Claims About Customers’ Funds Covered by Deposit Insurance: Report

Paul EasterBy Paul EasterJuly 8, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



Shortly after filing for bankruptcy, embattled cryptocurrency brokerage firm Voyager Digital has reportedly come under scrutiny from the U.S. Federal Deposit Insurance Corporation (FDIC) for claiming that funds were FDIC-insured.

  • According to the Wall Street Journal on Thursday (July 7, 2022), anonymous sources revealed that the FDIC is probing Voyager’s marketing. A statement on the company’s website in December 2019 said:

“Through our strategic relationships with our banking partner, Metropolitan Commercial Bank, all customers’ USD held with Voyager is FDIC insured. That means that in the rare event your USD funds are compromised, you are guaranteed a full reimbursement (up to $250,000), so the cash you hold with Voyager is protected.”

  • However, customers of Voyager recently learned that their deposits were not FDIC-insured as marketed by the crypto firm.
  • Also, a previous statement from Metropolitan Commercial Bank (MCB), a New York-chartered bank and FDIC member, stated that Voyager holds an omnibus account for only U.S. dollars and not crypto. The bank added that the insurance applies to the failure of MCB, not Voyager.

“FDIC insurance coverage is available only to protect against the failure of Metropolitan Commercial Bank. FDIC insurance does not protect against the failure of Voyager, any act or omission of Voyager or its employees, or the loss in value of cryptocurrency or other assets.”

  • The latest development comes shortly after Voyager and its subsidiaries filed for Chapter 11 Bankruptcy. Earlier in July, the brokerage firm placed a suspension on deposits, withdrawals, and trading.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

German Crypto Exchange Nuri Applies for Insolvency Due To The Crypto Winter

By Paul EasterAugust 10, 2022

Iran Imports $10 Million Worth of Goods in Crypto (Report)

By Paul EasterAugust 10, 2022

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022

Vitalik Outs Himself as Having Used Tornado Cash

By Paul EasterAugust 9, 2022
Add A Comment

Comments are closed.

Our Picks

Opening Bell: Sensex gains nearly 125 points, Nifty50 starts above 17,550 – Auto, FMCG, Pharma lead the surge

By Paul EasterAugust 10, 2022

This insurance company declares Rs 861 crore bonus for policyholders – Are you eligible?

By Paul EasterAugust 10, 2022

Asian shares slip ahead of crucial US inflation data

By Paul EasterAugust 10, 2022
Recent Posts
  • Opening Bell: Sensex gains nearly 125 points, Nifty50 starts above 17,550 – Auto, FMCG, Pharma lead the surge August 10, 2022
  • This insurance company declares Rs 861 crore bonus for policyholders – Are you eligible? August 10, 2022
  • Asian shares slip ahead of crucial US inflation data August 10, 2022
  • Twitter outage: Micro-blogging platform hit by technical snag; company says ‘fixed it’ August 10, 2022
  • Scratching Out Business Intelligence | Hackaday August 10, 2022
  • German Crypto Exchange Nuri Applies for Insolvency Due To The Crypto Winter August 10, 2022
  • Iran Imports $10 Million Worth of Goods in Crypto (Report) August 10, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.