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Complete Story
10/12/2023
Crypto companies touting FDIC insurance? Not so fast.
FTC
If your bank is FDIC insured, you’re protected up to $250,000 if the bank fails. But what about the funds you deposit with a crypto-based financial services provider? Nope. That money isn’t FDIC insured or protected if the crypto company goes under. But that’s exactly what one crypto company promised.
According to the FTC, Voyager Digital LLC, a crypto-based financial services provider, misled people with claims that money deposited through a “Voyager App” was FDIC insured if anything went wrong. The FTC says that Voyager advertised itself as a safe and secure bank alternative for people to store money. Voyager’s messaging also encouraged people to “ditch” their regular bank and use Voyager’s debit card instead.
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