FDIC Accuses Crypto Exchange OKCoin of Misleading its Customers

The FDIC has accused OKCoin of making misleading statements about deposit insurance.

The regulator has ordered the exchange to remove any suggestion that the FDIC is offering protection for customer accounts.

The Corporation has listed a series of examples, including a mention of “approval by the SEC, OCC, Fed and FDIC of the HASH token,” and claims on its Twitter account that it “offers agency guarantees for deposits to US customers.”

The FDIC has warned of potential enforcement action should the company not comply with US banking laws.

This follows similar complaints issued by the Corporation against Voyager Digital and FTX.US.

FDIC Chairman Martin Gruenberg previously declared cryptocurrencies as contributing to the difficulties faced by Signature Bank, but Adrienne Harris, a spokeswoman for the New York State banking regulator, stated that the bank’s collapse was due to customer panic, which had triggered the closure of Silicon Valley Bank.