In a scathing rebuke, Commissioner Kristin Johnson of the United States Commodity Futures Trading Commission (CFTC) has publicly chastised Voyager Digital for a series of blunders that ultimately resulted in the loss of billions of dollars in customer funds.
In a press release issued on October 12, Commissioner Johnson did not mince words as she lashed out at Voyager Digital, accusing the cryptocurrency platform of engaging in deceptive practices, disregarding warning signals, and neglecting “bare-bones due diligence” that left customers vulnerable.
The criticism comes amidst a mounting regulatory firestorm surrounding Voyager Digital.
Voyager Digital, represented by the ticker symbol VYGR, has been under intense scrutiny, with its stock plummeting by 4.59% in response to these allegations.
The CFTC’s Commissioner, Kristin Johnson, has joined a growing chorus of regulatory authorities voicing their concerns over the company’s actions. These allegations have raised serious questions about the adequacy of the regulatory framework governing cryptocurrency platforms and the need for more rigorous oversight to protect investors.
Commissioner Johnson’s remarks emphasize the importance of maintaining the integrity and trustworthiness of financial institutions, particularly in the rapidly evolving cryptocurrency space. Voyager Digital’s predicament serves as a stark reminder of the risks associated with the industry, highlighting the urgency for strengthened regulatory measures and adherence to stringent due diligence processes.
