The Bermuda Monetary Authority issued a public warning concerning Blockchain Deposit Insurance Corp (BDIC) following online articles claiming the entity is a Bermuda-formed company preparing to launch an insurance platform featuring its own digital token. The Authority stated that BDIC is not licensed or registered by the Authority to conduct any regulated activity in or from within Bermuda. The Authority noted that the activities described in the articles would require a licence if carried out by a Bermuda-formed company in or from Bermuda, and also said BDIC does not appear on the Registrar of Companies’ register. It cautioned that dealing with unregulated entities increases risks for potential investors, particularly where promotional materials include false representations, and confirmed BDIC has been added to the Authority’s warning list of known unauthorised firms and individuals.
Bermuda Monetary Authority 2025-03-03
Bermuda Monetary Authority warns that Blockchain Deposit Insurance Corp is not licensed in Bermuda and adds it to its warning list
The Bermuda Monetary Authority warned that Blockchain Deposit Insurance Corp (BDIC) is not licensed or registered for regulated activities in Bermuda. BDIC is absent from the Registrar of Companies’ register, posing increased risks due to unregulated entities making false claims. BDIC is now on the Authority’s warning list of unauthorised firms and individuals.