The FDIC is also demanding that the five companies take immediate corrective action to address the false or misleading statements, which involve a number of officers, directors and employees at each firm.
The FDIC has collected evidence that allegedly shows that each of the companies have stated or suggested that certain crypto–related products are FDIC-insured, or that stocks held in brokerage accounts are FDIC-insured.
The companies involved are Cryptonews, Cryptosec, SmartAsset, FTX US and FDICCrypto. The FDIC have indicated that the false representations were made by the companies on their websites and social media accounts. As you can see from one of the company names, one of the firms has also registered a domain name that implies an affiliation with the FDIC which doesn’t actually exist.
The law is strongly on the side of the FDIC as the Federal Deposit Insurance Act (FDI Act) prohibits any person or entity from representing or implying that an uninsured product is insured by the FDIC. It is also prohibited to knowingly misrepresent the extent and manner of any deposit insurance a product has. In addition, companies are also prohibited from implying that their products are FDIC-insured by using the letters ‘FDIC’ in either their company name, their advertisements, or any other documents.
The FDI Act authorizes the FDIC to enforce...
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