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US Banking Regulator Orders OKCoin to Remove Misleading Claims of FDIC Protection

OKCoin has been ordered by the US banking regulator to remove any misleading statements that suggest its customers' accounts are protected by the FDIC. The regulator has warned that OKCoin is making false claims and has demanded that any offending claims be removed immediately.

The FDIC has cited three examples of "false and misleading representations," including a mention on its website that the Provenance Blockchain's HASH token on OKCoin had "received broad regulatory acceptance from the SEC, OCC, FED, and the FDIC". The regulator has previously sent similar orders to other crypto firms, including Voyager Digital and FTX.US.

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