The FDIC has issued a cease and desist notice to Unbanked, Inc., a Georgia-based technology company, for making false and misleading claims about its insurance status. The agency alleges that Unbanked falsely implied that financial products, including cryptocurrencies, were insured by the FDIC. Unbanked announced in June that it would be winding down its operations due to a lack of investment and a challenging regulatory environment in the US. The FDIC has demanded that Unbanked remove any statements suggesting that funds held in cryptocurrencies or other uninsured financial products are protected by FDIC insurance and provide written confirmation of compliance within 15 days.
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