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)
FDIC Warns CEX.IO and Its Reviewers to Remove Potentially False Claims About Insurance
The United States Federal Deposit Insurance Corporation (FDIC) has sent a letter to executives of cryptocurrency exchange CEX.IO warning them that they are potentially in violation of federal law due to false and misleading statements about the exchange’s insurance status. The agency has given the exchange 15 days to make corrections.
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.
Banking Startup LevelField Aims to Become First FDIC-Insured Institution to Offer Crypto Services
Banking startup LevelField is gunning to become the first FDIC-insured bank to offer digital asset services following its acquisition of Burling Bank, according to a Wednesday press release.
New York Regulator Investigating Crypto Exchange Gemini Over FDIC Claims: Report
The New York Department of Financial Services (NYDFS) is investigating crypto exchange Gemini over claims it made related to the safety of its customers' assets, according to an Axios report on Monday.
US Regulators and the Fed Jointly Issue Crypto Warnings
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly issued warnings about crypto risks to banking organizations. “The agencies have significant safety and soundness concerns with business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector,” the regulators detailed. (Bitcoin.com)
FDIC Acting Chair Says No Crypto Firms or Tokens Are Backed by Agency
Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens.
