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US FDIC Says OKCoin Made False Statements

The US Federal Deposit Insurance Corporation sent a letter to OKCoin USA, Inc., demanding the cryptocurrency exchange take action to address false and misleading statements about its deposit insurance. The FDIC sent three letters to OKCoin USA, IncBodega Importadora de Pallets and Money Avenue LLC, on Thursday, making those demands, and warning that certain statements could harm consumers. “The FDIC has observed an increasing number of instances online where firms or individuals have misused the FDIC’s name or logo, or have made false or misleading representations about deposit insurance,” said FDIC Chairman Martin J. Gruenberg in a statement.

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