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US Regulators Order Voyager to Remove Misleading Messages

US Regulators Order Voyager to Remove Misleading Messages

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Even after declaring bankruptcy, Voyager still has problems with government institutions.

Founded in 2018 by Stephen Ehrlich, Voyager has received a warning from the Federal Reserve and the Federal Deposit Insurance Corporation. stop making false claims or further action will be taken.

By letter on July 28, the institutions have noticed that Voyager claims that the government will protect all investor funds if the company goes bankrupt.

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In a joint letter, US regulators explain why this statement is incorrect:

For the benefit of its customers, Voyager has a deposit account with the Metropolitan Commercial Bank, which is supervised by the board. However, Voyager is not itself insured by the FDIC, so customers investing through its cryptocurrency platform would not receive insurance coverage in the event Voyager fails.

Crypto exchange is blamed makes “false and misleading” representations about its functionality. The institutions also emphasize that because of the messages they share on their websites or social media platforms Some investors chose Voyager funds precisely because of these requirements.

In other parts of the combined letter, the institution orders Voyager to remove false claims that the company is FDIC insured. Additionally, the company wants not only proof of this activity, but also a thorough report on how Voyager removed these false messages.

However, the letter has been sent to Voyager CEO Stephen Ehrlich, The company has not yet provided its response to the reported problems.

It is noteworthy that Voyager declared bankruptcy in early July after withdrawing customer assets.

In other news, Voyager had an opportunity to save at least some of its customer funds, but declined. July 22, FTX and Alameda suggested a joint offer will acquire all of Voyager’s digital assets and digital asset loans, excluding loans from Three Arrows Capital (3AC).

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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