FTX warned by FDIC to stop 'misleading' consumers about deposit protection | Crypto

FTX warned by FDIC to stop ‘misleading’ consumers about deposit protection

– The FDIC has issued a cease-and-desist warning to FTX exchange, telling them to stop “misleading” consumers about the insurance status of their funds.

– Cryptocurrencies stored with brokerages are not protected by the government.

– The FDIC has notified five crypto companies, including FTX US, about false representations made about FDIC-insured products.

– FTX US president Brett Harrison has clarified that they did not mean to suggest that FTX itself or any crypto assets are FDIC-insured.

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