FDIC cracks down on misleading insurance claims by OKCoin

The US Federal Deposit Insurance Corp. (FDIC) has taken action against cryptocurrency exchange OKCoin, issuing a cease and desist letter over misleading statements regarding the exchange's insurance status.

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OKCoin Accused by FDIC of Making False Claims About Customer Protections

OKCoin must scrub misleading statements that suggest its customers’ accounts are protected by the U.S. Federal Deposit Insurance Corp. (FDIC), the U.S. banking regulator ordered late Thursday, complaining the company is making false claims.

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Good For Crypto: FDIC Says Record $472 Billion Withdrawn By US Depositors

Crypto could be enjoying some boost in price and adoption as the latest report from the Federal Deposit Insurance Corp. showed that deposits of about half a trillion dollars were removed from U. S.

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Small Victory for SVB Financial as Judge Orders FDIC to Return Tax Refund Checks

The Federal Deposit Insurance Corp. (FDIC) is under orders from a judge in New York to give up any tax refund checks made out to SVB Financial Group. The agency sought to keep the checks as part of its efforts to recoup costs incurred in mitigating the catastrophic failure of Silicon Valley Bank.

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JPMorgan to takeover First Republic bank

Investment banking giant JPMorgan Chase will assume over $330 billion worth of deposits and assets of struggling First Republic Bank. According to a May 1 statement, the Federal Deposit Insurance Corporation (FDIC) said it was appointed as the receiver of the First Republic Bank after it was closed by California’s Department of Financial Protection and […] The post JPMorgan to takeover First Republic bank appeared first on CryptoSlate.

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FDIC says Signature Bank failed due to mismanagement, risky crypto deposits

The U. S. Federal Deposit Insurance Corporation (FDIC) investigation into the collapse of Signature Bank found that the root cause of its troubles was “poor management” and risky crypto deposits.

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US Officials in Urgent Talks to Rescue First Republic Bank

Coinspeaker US Officials in Urgent Talks to Rescue First Republic Bank In case of a scenario where the First Republic Bank fails, the FDIC will likely want to avoid systemic risk and offer insurance to all the bank's depositors, even those not covered by insurance.

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Congressmen raise concerns over prudential regulators’ effort to ‘de-bank’ crypto industry

U. S. Congressmen French Hill, Patrick McHenry and Bill Huizenga sent the Federal Deposit and Insurance Commission (FDIC) a joint letter on April 25 requesting information about regulatory efforts to deny banking services to the crypto industry.

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FDIC Gives Signature Bank’s Crypto Clients A Week to Shut Down Their Accounts

Crypto clients of collapsed lender Signature Bank have until April 5 to withdraw their money and close their accounts or risk losing it, the US Federal Deposit Insurance Corp (FDIC) has said. According to the regulator, the deposits in question were not part of the rescue deal arranged with Flagstar bank, a subsidiary of New […]

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FDIC to sell Signature’s Signet network; remaining bank clients given cutoff date

The Federal Deposit Insurance Corp.

The post FDIC to sell Signature’s Signet network; remaining bank clients given cutoff date appeared first on CryptoSlate.

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FDIC gives Signature crypto customers deadline to close accounts

Signature Bank’s crypto clients have been given a deadline to close down their accounts and move their deposits following the recent takeover of the bank.  According to Bloomberg, the US Federal Deposit Insurance Corporation (FDIC) informed customers of the failed…

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FDIC Gives Deadline of Next Week for Crypto Depositors Stranded by Signature Failure

The Federal Deposit Insurance Corp. (FDIC) is trying to hurry the stranded crypto customers out the door of the temporary entity that holds the assets of the former Signature Bank, asking them to cash out by next week – whether they have a new bank or not.

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FDIC Gives Deadline Next Week for Crypto Depositors Stranded by Signature Failure

The Federal Deposit Insurance Corp. (FDIC) is trying to hurry the stranded crypto customers out the door of the temporary entity that holds the assets of the former Signature Bank, asking them to cash out by next week – whether they have a new bank or not.

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First Citizens Bank set to complete SVB takeover 

The US Federal Deposit Insurance Corporation (FDIC) facilitates a purchase and assumption agreement between SVB and First Citizens Bank. The deal will enable the assets, loans, and deposits of SVB to be taken over by First Citizens Bank. Silicon Valley…

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First Citizens Acquires Silicon Valley Bank – Good News For Crypto?

First Citizens BancShares, the parent company of First Citizens Bank, has made a significant move in the world of banking by agreeing to acquire Silicon Valley Bank (SVB).   The Federal Deposit Insurance Corporation (FDIC) confirmed the deal in a statement on Monday, as reported by Bloomberg.

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First Citizens to Buy Silicon Valley Bank's Deposits, Loans in $55.5B Agreement With FDIC

Federal Deposit Insurance Corporation says the 17 former branches of Silicon Valley Bank will re-open as First Citizens Bank & Trust Company on Monday, March 27.

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Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits

Flagstar Bank — a subsidiary of New York Community Bancorp, Inc — will acquire Signature Bank, as per a press release sent out by the Federal Deposit Insurance Corporation (FDIC) on March 19. The post Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits appeared first on CryptoSlate.

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US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report

The banking coalition reportedly argued in a letter to federal regulators that it would bring stability to the banking industry and reduce the chances of “more bank failures.”

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FDIC Denies Report Signature Bank Purchaser Must Divest Crypto

The Federal Deposit Insurance Corporation denied it would require any purchaser of Signature Bank to divest its crypto activities.

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Signature Bank Buyers Have To Give Up All Crypto Businesses, Says FDIC

Amid the instability in the US banking sector, the United States Federal Deposit Insurance Corporation (FDIC) has reportedly now made a decision against the crypto industry. According to a report published on Wednesday evening, potential buyers of the crypto-friendly Signature bank can now submit their bids but with a major condition.  The report said buyers of […]

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FDIC insists buyer of Signature Bank drop crypto operations

The federal deposit insurance corporation (FDIC) has demanded that the prospective buyer of New York-based Signature Bank relinquish all cryptocurrency operations.

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Signature Bank’s Prospective Buyers Must Agree to Give Up All Crypto Business: Report

The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.

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Congressman Emmer attacks FDIC for ‘weaponizing’ bank closures to attack crypto

Tom Emmer, Republican Congressman for Minnesota, wrote a letter to the Chairman of the Federal Deposit Insurance Corporation (FDIC), Mark Gruenberg, on March 15 expressing his concerns about the recent closures of digital asset and tech-centered banks like Silvergate, Signature Bank, and Silicon Valley Bank.

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FDIC plans second SVB auction after first failed attempt 

The US Federal Deposit Insurance Corporation (FDIC) is looking to make another attempt at auctioning assets of collapsed Silicon Valley Bank (SVB) after failing to find a buyer the first time.  According to the Wall Street Journal, the FDIC informed…

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Prompt Regulator Action And Stablecoin Issuer Assurances See USDC Repeg

A March 12, 2023, joint statement by the Department of the Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) advised that depositors for both the Signature Bank, New York and Silicon Valley Bank, Santa Clara, California, will have access to their money effective March 13, 2023. On March 13, 2023, the Bank of […]

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Silicon Valley Bank shut down by California regulator

The FDIC stated that as the receiver, it had immediately transferred all insured deposits of Silicon Valley Bank to the newly created Deposit Insurance National Bank of Santa Clara (DINB).

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Over 130 US Banks Have Ongoing or Planned Crypto Assets Activities

The number of banks in the U. S. under the Federal Deposit Insurance Corporation (FDIC) dabbling with crypto assets has continued to surge, indicating a strong demand for assets such as Bitcoin and Ether as well as crypto-related services.

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Silvergate turns to US congress agency for help

Silvergate Capital is reportedly holding talks with the US Federal Deposit Insurance Commission (FDIC) to get ideas on remaining afloat as its financial woes worsen. Silvergate Capital, one of the numerous victims of the disgraced Sam Bankman-Fried’s FTX exchange collapse,…

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Silvergate's Collapse May Spell Regulatory Trouble for Crypto

Silvergate Bank had a really rough week, to the point where a not-insignificant number of people were waiting for the Federal Deposit Insurance Corporation (FDIC) to announce the bank had entered receivership after close of business Friday.

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NYDFS investigating Gemini over FDIC-related claims

The New York Department of Financial Services (NYDFS) is investigating Gemini over its claims related to Federal Deposit Insurance Corporation (FDIC) coverage, Axios reported on January 30. The post NYDFS investigating Gemini over FDIC-related claims appeared first on CryptoSlate.

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US Federal Reserve, FDIC warn banks against crypto risks

The US Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) warned banks about the risks involved with crypto in a joint statement on January 3.

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White House Goes Back to the Future With FDIC Chair Pick Gruenberg

President Joe Biden has chosen to nominate Federal Deposit Insurance Corp. (FDIC) Acting Chairman Martin Gruenberg to return to the chairmanship he held in previous administrations. The FDIC will have a key role in how crypto will mesh with the U.

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Stablecoins Could ‘Fundamentally Alter’ Banking System, Says US FDIC Chief

Stablecoins could have such a profound effect on the established banking system that U.S. regulators need to require that the digital tokens fit in without disrupting it, said Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corp.

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US Federal Deposit Insurance Corporation Warns 5 Crypto Firms Against Misleading Customers

The US Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five crypto firms for allegedly misleading customers about its workings or their affiliation. According to a Friday statement, the agency accused FTX.

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FTX Is Spreading False Statements About Crypto Products, FDIC Says

FTX US received a cease-and-desist warning from the United States Federal Deposit Insurance Corporation on Friday, telling the crypto exchange to stop issuing “false” statements and “misleading” consumers about the insurance status of their products.

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FTX CEO Clarifies Misinterpreted Claims of FTX.US Being FDIC Insured

FTX founder Sam Bankman-Fried has denied that the exchange has FDIC insurance while apologizing for any information that might have been misinterpreted to mean FTX. US is FDIC-insured. The post FTX CEO Clarifies Misinterpreted Claims of FTX.

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FTX backtracks on FDIC insurance but fails to delete all references

Following the demands from the FDIC for FTX to cease making misleading statements about FDIC insurance, FTX CEO Sam Bankman-Fried took to Twitter to undertake crisis management. The post FTX backtracks on FDIC insurance but fails to delete all references appeared first on CryptoSlate.

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FTX US among 5 companies to receive cease and desist letters from FDIC

The government agency had previously stated that deposits at non-bank entities, including crypto firms, are not covered by FDIC insurance.

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FDIC Hits FTX.US With Cease-and-Desist Letter

The Federal Deposit Insurance Corporation has called upon FTX.US President Brett Harrison to take down a tweet suggesting that FTX.US was FDIC-insured. False and Misleading Statements FTX.US just ran afoul...

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FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

The Federal Deposit Insurance Corp. The post FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance appeared first on CryptoSlate.

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FDIC Orders Crypto Exchange FTX US, 4 Others to Cease 'Misleading' Claims

The FDIC published five cease-and-desist orders Friday, including to FTX.US, alleging they mislead investors by suggesting they had coverage from the deposit insurance provider.

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FDIC Reiterates That It Does Not Insure Crypto

The Federal Deposit Insurance Corporation (FDIC) issued a new advisory note on July 29 to restate that it does not insure digital assets. The post FDIC Reiterates That It Does Not Insure Crypto appeared first on BeInCrypto.

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FDIC says deposit insurance does not apply to crypto

The FDIC says the public should note that deposit insurance does not cover non-bank…

The post FDIC says deposit insurance does not apply to crypto appeared first on CoinJournal.

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Voyager Digital’s Clash With US Regulators Followed by Broader FDIC Warning

The day after demanding Voyager Digital erase its claims that customers’ funds would get government protections, the U.S. Federal Deposit Insurance Corp. issued a broader warning to bankers that they need to keep their crypto partners in line.

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US watchdogs order Voyager Digital to stop making misleading insurance claims

The United States Federal Reserve (FED) and Federal Deposit Insurance Corp (FDIC) have ordered Voyager Digital to desist from making false and misleading claims about its insurance status to customers.

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Stop Lying to Customers, Fed and FDIC Order Voyager

The two institutions called Voyagers deposit insurance claims false and misleading. Voyager Ordered to Stop Misleading Customers Voyager Digital allegedly lied to its customers that the government was insuring its...

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FDIC Probing Voyager Claims It Was Insured by Regulator

The Wall Street Journal reported Thursday that the FDIC was taking a look at marketing by crypto broker Voyager that it was protected by FDIC insurance.

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FDIC Wants All US Banks To Report Crypto-Related Activities, Citing ‘Safety Hazards’

The Federal Deposit Insurance Corp. is advising banks to contact it if they are currently engaged in or intend to engage in cryptocurrency-related activities. The FDIC notes that exposure to crypto assets may pose “safety and soundness hazards, as well as financial stability problems.

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FDIC Acting Chairman prioritizes crypto in 2022, here's what might be coming

Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg announced the key priorities for the year ahead. Among other pressing issues that were included in the 2022 agenda, theThe post FDIC Acting Chairman prioritizes crypto in 2022, here's what might be coming appeared first on AMBCrypto.

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