Crypto Broker Voyager Claims It Was FDIC Protected Draws Regulatory Scrutiny - 0 views
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John Kiff on 08 Jul 22The US Federal Deposit Insurance Corporation (FDIC) is taking a look at claims by bankrupt crypto broker Voyager that its customer deposits held in an omnibus account at New York-based Metropolitan Commercial Bank were FDIC insured. The FDIC protects customers from losing their funds in the event of a bank collapse, insuring up to $250,000 per account. This insurance, however, usually only applies to an actual bank failure, not upon failure of the bank's client, i.e., Voyager's collapse wouldn't necessarily trigger an FDIC backstop.