FDIC claps the bankruptcy lender Voyager for deposit insurance claims
FDIC claps the bankruptcy lender Voyager for deposit insurance claims
- The US finance insurance supervision has given Voyager Digital a declaration of injunction
- Voyager, a cryptocurrency loan, registered bankruptcy according to Chapter 11 at the beginning of this month
It was 20 days since an examination of the marketing of his deposit accounts was initiated to users by the crypto loan Voyager Digital. Now the US regulatory authorities of the bankrupt company have missed an injunction.
Voyager and certain employees are accused by the authorities to have given incorrect information online, including their website, mobile app and social media accounts.
These representations, said the watchdog, contain claims that Voyager is insured and that all the funds of the users who are provided and kept by the lender are insured, including crypto. According to the federal government's deposit security law, companies and persons are prohibited from marketing non -insured deposits as insured.
"These representations are wrong and misleading, the authorities said in the explanation." Based on the information collected so far, it seems that these representations were probably misleading and have rely on customers who placed their funds at Voyager and have no direct access to their funds. "
Voyager, which fought against a supposedly "low" takeover offer from Sam Bankman-Frieds company FTX and Alameda Ventures, was put on the center of the FDIC on July 8th because she had publicly stated that her dollar deposits were insured that the lender would fail.
Voyager maintains a custody account in favor of his customers through his bank partner Metropolitan Commercial Bank.
The lender itself is not insured by the FDIC, according to the agencies, so customers who have invested in Voyager's cryptocurrency platform would not receive insurance coverage in the event of a failure.
At the beginning of this month, the lender registered bankruptcy according to Chapter 11 after it became known that he was involved in the widespread infection of the collapse of the hedge fund Arrows Capital based in Singapore.
In an explanation from 2019 on the Voyager website, it was claimed that after an event in which USD funds were at risk due to the lender's failure, a complete refund could be received.
This has now been changed in that the " Rare event " 250,000 US dollars are guaranteed.
The watchdog asks the voyager to take “immediate correction measures” in order to remedy “false statements” in relation to their status.
In the meantime, the Toronto stock exchange has hired the trade in Voyager shares and is now facing full delisting.The company's share, which broke up by 75 % last month, was also affected joined from the US platform OTCQX internationally to OTC Pink Sheets that have much lower report and disclosure requirements.
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The Post FDIC beats bankruptcy lender Voyager due to deposit insurance claims is not a financial advice.