In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging.
Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.”
Toby Gilbert is the CEO of Coinweb.io, a cross-chain computation platform. He graduated from London’s Global University (UCL) before starting a career in the tech and telco spaces. He invested in and exited three telecommunications companies in Europe, Africa and Asia before joining Coinweb in 2018. He also co-founded the Blockfort and OnRamp DeFi projects.
Continue Reading on Coin Telegraph
![Regulators have a weak case against FTX on deposit insurance](https://d1-invdn-com.investing.com/content/pic5e1bf5106b302f671db3fbc7b795efc7.jpg)