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The government had previously declared that the FDIC does not provide insurance for deposits made with non-bank organizations, including cryptocurrency businesses.
Five businesses have received cease and desist letters from the Federal Deposit Insurance Corporation (FDIC) for allegedly making fraudulent claims about deposit insurance about cryptocurrency.
The FDIC disclosed they cease and desist letters for the websites SmartAsset's, FDICCrypto, Cryptonews, and Cryptosec in a press statement on Friday. The federal agency claims in the letters released on Thursday that these companies misled the public about certain cryptocurrency-related items being covered by FDIC.
The FDIC stated that claims that “some crypto-related items” are covered by the FDIC or that “stocks stored in brokerage accounts are insured by the FDIC” are “false or misleading.” According to the agency, these businesses need to “take prompt corrective action to remedy these incorrect or misleading statements” on their websites and social media profiles.
The FDIC has been outspoken on the absence of insurance cover for non-banking entities, including businesses focusing on cryptocurrencies. The government issued a notice in July informing American banks that they must evaluate and control risks when establishing third-party agreements with cryptocurrency service providers. The FDIC emphasized that while deposits at banks with insurance were secured against default up to a maximum of $250,000, crypto companies have no such protection.
Allegations have been made that the FDIC has treated digital assets unfairly, even deterring banks from doing business with cryptocurrency service providers. According to Cointelegraph, Pennsylvania Senator Pat Toomey, also a member of the Senate Banking Committee, wrote a letter to Martin Gruenberg, acting chairman of the FDIC, telling him of charges made by a whistleblower. Toomey wrote that he believed that the FDIC “may be inappropriately taking steps to discourage banks from doing business with lawful cryptocurrency-related (crypto-related) enterprises.”