The U.S. Federal Deposit Insurance Corp. (FDIC) has issued a cease and desist letter to OKCoin, warning the exchange about misleading statements regarding its insurance status.
In a June 15 letter, the FDIC alleged that the exchange and its senior executives made false representations stating or suggesting that certain crypto-related products were FDIC-insured.
The agency ordered the exchange to remove these claims from its website, social media accounts, marketing materials, mobile app, and any other customer-facing publication within 15 business days and provide written confirmation of compliance.
FDIC deposit insurance protects customers by providing coverage for their deposits in the unlikely event of the failure of an FDIC-insured bank. The federal agency insures customers’ deposits of up to $250,000 in registered banks, providing a safety net in case of bank failures. However, it does not cover digital assets deposits.
FDIC cites instances of misrepresentation
The agency ci
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