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FDIC Tells Crypto Exchange CEX.IO to Stop Claiming US Dollars Held in Its Wallets Are Insured

The Federal Deposit Insurance Corporation (FDIC) has issued a cease-and-desist letter to CEX.IO telling the Naperville, Illinois-based crypto exchange to stop claiming that U.S. dollars held in its fiat currency wallets are FDIC-insured.

The agency said that a section of CEX.IO’s website inaccurately states that “U.S. dollars held in your CEX.IO fiat currency wallet are FDIC-insured up to $250,000 per account.” But the FDIC noted in its letter that “no qualifications, clarifications, or limitations are made in connection with this representation, and no insured depository institution or institutions (IDIs) are identified in connection with this statement.”

The FDIC also noted that other websites have mistakenly reported that CEX.IO is FDIC-insured.

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