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

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

Shortly after declaring insolvency, embattled cryptocurrency brokerage company Voyager Digital has actually apparently come under analysis from the U.S. Federal Deposit Insurance Corporation (FDIC) for declaring that funds were FDIC-insured.

  • According to the Wall Street Journal on Thursday (July 7, 2022), confidential sources exposed that the FDIC is penetrating Voyager’s marketing. A declaration on the business’s site in December 2019 stated:

” Through our tactical relationships with our banking partner, Metropolitan Commercial Bank, all consumers’ USD accepted Voyager is FDIC guaranteed. That indicates that in the uncommon occasion your USD funds are jeopardized, you are ensured a complete compensation (approximately $250,000), so the money you accept Voyager is secured.”

  • However, clients of Voyager just recently found out that their deposits were not FDIC-insured as marketed by the crypto company.
  • Also, a previous declaration from Metropolitan Commercial Bank (MCB), a New York-chartered bank and FDIC member, specified that Voyager holds an omnibus represent only U.S. dollars and not crypto. The bank included that the insurance uses to the failure of MCB, not Voyager.

” FDIC insurance protection is offered just to secure versus the failure of Metropolitan Commercial Bank. FDIC insurance does not secure versus the failure of Voyager, any act or omission of Voyager or its workers, or the loss in worth of cryptocurrency or other possessions.”

  • The newest advancement comes soon after Voyager and its subsidiaries declared Chapter 11 Bankruptcy. Previously in July, the brokerage company put a suspension on deposits, withdrawals, and trading.
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