Voyager Digital Ordered by US Regulators to Stop False Claims Regarding Customer Funds

The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) released a statement on Thursday, ordering Voyager Digital to stop claiming that its customers' funds will be protected by the US government. The statement writes, "Voyager has made various representations online, including its website, mobile app, and social media accounts, stating or suggesting that: (1) Voyager itself is FDIC-insured; (2) customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage for all funds provided to, held by, on, or with Voyager; and (3) the FDIC would insure customers against the failure of Voyager itself. These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds." In addition, the Fed and FDIC warned that they may still take further action if needed.