FED caught Voyager Capital

Recently, cryptocurrency lender Voyager Capital received an injunction requiring it to remove false material about user deposit insurance.

The Fed alleged that the company was making "false and misleading statements" about its users' funds being insured through the FDIC. It's the Federal Deposit Insurance Corporation, a severe organisation, and it's best not to use its name unless your company is a participant.

“These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.” the statement issued by Seth Rosebrockfr and Jason Gonzalez, Assistant General Counsel for the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) to Voyager Digital.

The appeal said that Voyager Capital had made such statements on various platforms, including its website, mobile app and social media:

- The FDIC insures Voyager;

- Customers who have invested in Voyager will have all their deposits insured by the FDIC; 

- The FDIC will insure customers against the collapse of Voyager itself;

The letter also asked to provide, within ten days, all the statements in which the company mentions the FDIC. There is no comment from Voyager itself at the moment.