The United States Federal Deposit Insurance Corporation (FDIC) is examining Voyager Digital because it marketed its deposit accounts for cryptocurrency purchases as safe, but in fact, those were not insured.
Voyager has halted withdrawals in client accounts held at the Metropolitan Commercial Bank of New York. Deposits in Metropolitan Commercial Bank were advertised by Voyager as being FDIC-insured. But an FDIC spokesperson stated that only Metropolitan Commercial Bank is insured, not Voyager.
Voyager has filed for bankruptcy as a result of its brokerage and lending services becoming embroiled in controversies. The FDIC is currently investigating the situation as a result of the uncertainty.
