FDIC issues cease and desist letters to five crypto companies, demanding they stop making ‘misleading’ claims

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One company highlighted in the press release allegedly “registered a domain name that suggests affiliation with or endorsement by the FDIC,” which the agency claims is “false and misleading.” “The FDI Act further prohibits companies from implying that their products are FDIC-insured by using “FDIC” in the company’s name, advertisements, or other documents,” the agency said.

This move by the FDIC comes amid an uptick in enforcement actions from global regulators on the cryptocurrency front.

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