Cryptonews.com, Cryptosec.com, SmartAsset.com and FDICCrypto.com were the other four websites directed to cease these alleged misrepresentations. The FDIC said these "companies made false representations" which suggested their products might be insured by the regulator. The FDIC covers federally regulated bank accounts, up to $250,000 per account.

FTX US President Brett Harrison said that any direct deposits from employers to FTX US would be stored in FDIC-insured bank accounts in a tweet that has since been deleted.

FTX US is not insured by the FDIC, and the regulator does not insure brokerage accounts or cover stocks and cryptocurrencies, he continued.

The four other recipients claimed that crypto exchanges like Coinbase, Gemini and eToro were FDIC-insured, and the letters directed at these platforms order them to clarify that this is not, in fact, accurate.

An archive of the article is here.

to clear up some questions in response to this:

• direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users' names
• stocks are held in FDIC-insured and SIPC-insured brokerage accounts

https://web.archive.org/web/20220720201025/https://twitter.com/brett_ftx/status/1549773584922333184

Here is the press release:

FDIC Issues Cease and Desist Letters to Five Companies For Making Crypto-Related False or Misleading Representations about Deposit Insurance
https://content.govdelivery.com/accounts/USFDIC/bulletins/328cfe1