The SEC has taken action against the exchanges for violating federal securities laws, resulting in a notable surge in user withdrawals. Despite this, the exchanges have successfully conducted transactions in an organized manner up to this point.
The government body claimed that while deposits at banks with insurance were protected up to $250,000, there was no equivalent protection for deposits made with cryptocurrency businesses.
The Fed and the FDIC say that Voyager 'made different claims online' that its funds were protected by the FDIC.
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