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FDIC Tells CEX.IO to Redact Insurance Promises

Cryptocurrency exchange CEX.IO has received a cease-and-desist order from the FDIC, as seen in a letter published by the U.S. regulator on Feb. 15. The Federal Deposit Insurance Corporation’s legal division said that CEX.IO has made false or misleading statements suggesting that the FDIC insures it. CEX.IO’s official website claims that “U.S. dollars held in your CEX.IO fiat currency wallet are FDIC-insured up to $250,000 per account” without qualification. (cryptoslate)

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