Voyager Digital, Crypto Scam, Washington D.C. 2024

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Washington D.C. – The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board have issued a joint letter demanding that crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements concerning the company’s FDIC deposit insurance status.

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The FDIC and Federal Reserve have accused Voyager Digital and certain officers and employees of making false representations online, including its website, mobile app, and social media accounts, stating or suggesting that:

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Voyager itself is FDIC-insured;

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Customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage for all funds provided to, and held by, Voyager;

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The FDIC would insure customers against the failure of Voyager itself.

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These representations are false and misleading. According to the FDIC, these false statements likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.

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The Federal Deposit Insurance Act prohibits any person from representing or implying that an uninsured deposit is insured or from knowingly misrepresenting the extent and manner in which a deposit liability, obligation, certificate, or share is insured under the Act.

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The FDIC deposit insurance program protects customers in the event of the failure of an FDIC-insured bank. To determine if an institution is FDIC-insured, you can ask a representative of the institution, look for the FDIC sign at the institution, or use the FDIC’s BankFind tool.

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The FDIC is authorized to enforce this prohibition against any person. Voyager maintains a deposit account for the benefit of its customers at Metropolitan Commercial Bank, which is supervised by the Board. Voyager is not itself insured by the FDIC, though, and so customers who invested through its cryptocurrency platform would not receive insurance coverage in the event of Voyager’s failure.

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The FDIC and Federal Reserve have called for Voyager Digital to take immediate corrective action to address these false statements.

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