FDIC accused bitcoin exchange OKCoin in “misleading claims” about deposit insurance.
The regulator ordered the platform to remove messages suggesting that the agency is protecting customer accounts.
The corporation mentioned several examples. In particular, the website of the exchange contains a mention of “approval SEC, OCC, Fed and FDIC HASH token. In 2020, the company positioned itself as “licensed to operate throughout the US with FDIC insurance on OKCoin accounts.”
Also on its official Twitter account, the exchange assured that it “offers agency guarantees for deposits to US customers.”
In a letter to CEO Hong Wang, the Corporation threatened possible enforcement action for violating US banking laws in the absence of a claim.
“Without distinguishing between USD deposits and cryptocurrencies, the statements imply that the FDIC insurance coverage extends to all customer funds (including digital assets),” the document says.
The Corporation had previously filed similar claims against Voyager Digital and FTX.US.
Recall that in May, the head of the FDIC, Martin Grunberg, called cryptocurrencies one of the reasons for the difficulties that Signature had.
A spokeswoman for the New York state banking regulator, Adrienne Harris, denied the suggestion that Signature Bank failed due to its connection with the crypto industry. According to her, the collapse of the institution was the result of panic among customers, which caused the closure of Silicon Valley Bank.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
FDIC accused bitcoin exchange OKCoin in “misleading claims” about deposit insurance.
The regulator ordered the platform to remove messages suggesting that the agency is protecting customer accounts.
The corporation mentioned several examples. In particular, the website of the exchange contains a mention of “approval SEC, OCC, Fed and FDIC HASH token. In 2020, the company positioned itself as “licensed to operate throughout the US with FDIC insurance on OKCoin accounts.”
Also on its official Twitter account, the exchange assured that it “offers agency guarantees for deposits to US customers.”
In a letter to CEO Hong Wang, the Corporation threatened possible enforcement action for violating US banking laws in the absence of a claim.
“Without distinguishing between USD deposits and cryptocurrencies, the statements imply that the FDIC insurance coverage extends to all customer funds (including digital assets),” the document says.
The Corporation had previously filed similar claims against Voyager Digital and FTX.US.
Recall that in May, the head of the FDIC, Martin Grunberg, called cryptocurrencies one of the reasons for the difficulties that Signature had.
A spokeswoman for the New York state banking regulator, Adrienne Harris, denied the suggestion that Signature Bank failed due to its connection with the crypto industry. According to her, the collapse of the institution was the result of panic among customers, which caused the closure of Silicon Valley Bank.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!