The FDIC just issued five crypto companies; CryptoNews.com, CryptoSec.info, SmartAsset.com, FTX US, and FDICCrypto.com, cease and desist letters.
The letters state that the companies have made false and misleading statements by publishing in their reviews about the availability of FDIC insurance on exchanges. Such as saying that Coinbase, eToro and Gemini’s users are FDIC insured. They basically demand that within 15 days that any such references to FDIC insurance be removed from all materials, websites, apps, social media, etc.
The FDIC seems to be targeting FTX US the most as the letter to them makes references to the other sites linking to information from FTX. Some of the links have already been taken down in compliance of the request. It goes on to say they want clarification of what banks FTX has individual users accounts at.
CryptoNews Letter: https://www.fdic.gov/news/press-releases/2022/cryptonews-letter.pdf
CryptoSec Letter: https://www.fdic.gov/news/press-releases/2022/cryptosec-info-letter.pdf
SmartAssets Letter: https://www.fdic.gov/news/press-releases/2022/smart-asset-letter.pdf
FTX US Letter: https://www.fdic.gov/news/press-releases/2022/ftx-harrison-letter.pdf
FDICCrypto Letter: https://www.fdic.gov/news/press-releases/2022/fdic-crypto-com-letter.pdf
Original FDIC Press Release: https://www.fdic.gov/news/press-releases/2022/pr22060.html
