(Montana) The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies to stop making false and misleading statements about FDIC deposit insurance.
They claim these five companies falsely represent themselves as FDIC insured when they are not. The FDIC also misrepresent the nature or extent of FDIC insurance and some even misuse the FDIC logo where it is not applicable.
These companies are known commonly as FinTech or Finance Technology companies, and commonly market to small and local businesses as alternative options to traditional banking.
The state of Montana had a record number of new businesses register last year.
Companies Affected: The FDIC is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon), which operates Upstream Exchange; and Zil Money Corporation (Zil)
