{"id":5525,"date":"2022-07-09T08:13:36","date_gmt":"2022-07-09T08:13:36","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5525"},"modified":"2022-07-09T08:13:36","modified_gmt":"2022-07-09T08:13:36","slug":"us-regulator-probes-bankrupt-crypto-lender-voyager-over-claims-of-fdic-insurance","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5525","title":{"rendered":"US Regulator Probes Bankrupt Crypto Lender Voyager Over Claims of FDIC Insurance"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, \u201call customers\u2019 USD held with Voyager is FDIC insured.\u201d<\/strong><\/p>\n<h2>Voyager Probed by FDIC<\/h2>\n<p>The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager Digital Ltd. (TSE: VOYG) and its marketing of deposit accounts for cryptocurrency purchases, Reuters reported Thursday, citing confirmation by an FDIC official.<\/p>\n<p>The FDIC is an independent agency created by Congress to maintain stability and public confidence in the nation\u2019s financial system. It regulates and insures the deposits of a number of community banks and other financial institutions. \u201cThe standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category,\u201d the regulator\u2019s website details.<\/p>\n<p>While crypto lender Voyager is not an FDIC-insured bank, it claimed to be FDIC-insured through a banking partner. The Voyager team wrote in a blog post back in December 2019:<\/p>\n<p>Through our strategic relationships with our banking partner, Metropolitan Commercial Bank, all customers\u2019 USD held with Voyager is FDIC insured.<\/p>\n<p>The official Twitter account of the crypto lender also tweeted many times, bragging about the company\u2019s FDIC insurance. One of the tweets reads: \u201cHave you heard? USD held with Voyager is FDIC insured up to $250K. Our customers\u2019 security is our top priority. Start growing your crypto portfolio today.\u201d<\/p>\n<p>On several occasions, the crypto lender assured Twitter users who doubted its FDIC insurance that customers\u2019 USD held with the company is safe and FDIC-insured.<\/p>\n<\/p>\n<p>When Voyager suspended trading, deposits, and withdrawals last week, Metropolitan Commercial Bank, a New York-chartered bank and a member of the FDIC, issued a statement regarding FDIC coverage available to Voyager customers.<\/p>\n<p>The bank explained that it \u201cmaintains an omnibus account\u201d in U.S. dollars for the benefit of Voyager customers. While noting that Voyager customer funds held by Metropolitan Commercial Bank are insured by the FDIC up to $250,000, the bank stressed:<\/p>\n<p>FDIC insurance coverage is available only to protect against the failure of Metropolitan Commercial Bank. FDIC insurance does not protect against the failure of Voyager.<\/p>\n<p>On Wednesday, Voyager said that it has filed for Chapter 11 bankruptcy. The crypto lender tweeted Sunday: \u201cWe currently have approximately $1.3 billion of crypto assets on our platform, plus claims against Three Arrows Capital of more than $650 million. We also have over $350 million of cash at Metropolitan Commercial Bank.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>Crypto lender, cryptocurrency lender, FDIC insurance, FDIC insured, FDIC investigates voyager, Metropolitan Commercial Bank, Stephen Ehrlich, voyager, Voyager CEO Stephen Ehrlich, Voyager Digital, voyager FDIC insured<\/p>\n<p><em><strong>What do you think about the FDIC probing Voyager over claims that it is FDIC-insured? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-regulator-probes-bankrupt-crypto-lender-voyager-over-claims-of-fdic-insurance\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Deposit Insurance Corporation (FDIC) is probing crypto lender Voyager Digital over claims that it is FDIC-insured. The crypto firm previously explained that through its strategic relationships with Metropolitan Commercial Bank, \u201call customers\u2019 USD held with Voyager is FDIC insured.\u201d Voyager Probed by FDIC The Federal Deposit Insurance Corporation (FDIC) is looking into Voyager [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5525"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5525\/revisions"}],"predecessor-version":[{"id":5527,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5525\/revisions\/5527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5526"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}