{"id":80325,"date":"2023-06-16T12:15:57","date_gmt":"2023-06-16T09:15:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80325"},"modified":"2025-09-11T16:20:31","modified_gmt":"2025-09-11T13:20:31","slug":"fdic-accuses-okcoin-of-misleading-customers-about-deposit-insurance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fdic-accuses-okcoin-of-misleading-customers-about-deposit-insurance\/","title":{"rendered":"FDIC accuses OKCoin of misleading customers about deposit insurance"},"content":{"rendered":"<p><span data-descr=\"U.S. Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span><a href=\"https:\/\/www.fdic.gov\/resources\/regulations\/laws\/section-18a4-of-fdi-act\/letters\/2023-06-15-okcoin-usa.pdf\"> accused<\/a> the bitcoin exchange OKCoin of making misleading statements about deposit insurance.<\/p>\n<p>The regulator required the platform to remove posts implying that the agency protects customers&#8217; accounts.<\/p>\n<p>The agency cited several examples. In particular, the exchange&#8217;s site mentions &#8220;approval by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, <span data-descr=\"Office of the Comptroller of the Currency\" class=\"old_tooltip\">OCC<\/span>, <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">Fed<\/span> and the FDIC token HASH.&#8221; In 2020 the company described itself as &#8220;licensed to operate across the United States with FDIC insurance on OKCoin accounts.&#8221;<\/p>\n<p>Also, the exchange&#8217;s official Twitter account asserted that it offers American clients agency-backed guarantees for deposits.<\/p>\n<p>In a letter to CEO Hong Wang, the agency threatened possible coercive action for violations of U.S. banking law should the demand not be met.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Not drawing a distinction between deposits in US dollars and cryptocurrencies, the statements imply that FDIC insurance covers all client funds (including digital assets),&#8221;<\/em> the document states.<\/p>\n<\/blockquote>\n<p>Earlier, the agency made similar claims against Voyager Digital and<a href=\"https:\/\/forklog.com\/en\/news\/fdic-accuses-ftx-us-of-misleading-customers\"> FTX.US<\/a>.<\/p>\n<p>In May, FDIC Chairman Martin Gruenberg<a href=\"https:\/\/forklog.com\/en\/news\/fdic-cites-cryptocurrencies-as-a-factor-in-signature-banks-collapse\"> named<\/a> cryptocurrencies as one of the causes of the difficulties faced by <a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">Signature<\/a> Bank.<\/p>\n<p>Adrienne Harris, a representative of the New York state banking regulator,<a href=\"https:\/\/forklog.com\/en\/news\/regulator-signature-bank-collapse-not-linked-to-cryptocurrencies\"> refuted<\/a> the suggestion that Signature Bank collapsed due to ties to the crypto industry. According to her, the bank&#8217;s collapse was the result of panic among customers, which was triggered by<a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\"> the closure of Silicon Valley Bank<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Not drawing a distinction between deposits in US dollars and cryptocurrencies, the statements imply that FDIC insurance covers all client funds (including digital assets),&#8221;<\/em> the document states.<\/p>\n<\/blockquote>\n<p>Earlier, the agency made similar claims against Voyager Digital and<a href=\"https:\/\/forklog.com\/en\/news\/fdic-accuses-ftx-us-of-misleading-customers\"> FTX.US<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FDIC accused the OKCoin cryptocurrency exchange of misleading statements about deposit insurance.<\/p>\n","protected":false},"author":1,"featured_media":80326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1725,231,36],"class_list":["post-80325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fdic","tag-okcoin","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80325"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80325\/revisions"}],"predecessor-version":[{"id":80327,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80325\/revisions\/80327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80326"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}