On Friday, the Federal Deposit Insurance Corporation (FDIC) announced that it had issued cease and desist letters to five cryptocurrency firms, including crypto exchange FTX US.
Some have viewed the censure on FTX as harsh, and FTX US CEO Brett Harrison responded, “We really didn’t mean to mislead anyone, and we didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance.” It was an omission highlighted below that was partly to blame.
The other organizations censured included three media websites that referred to FDIC-insured crypto companies (cryptonews.com, smartasset.com, cryptosec.info) and one that registered a domain name fdiccrypto.com.
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