Voyager Digital (investvoyager) is being sued for allegedly misleading users about its trading fees. By mikeybellusci
Publicly traded cryptocurrency exchange Voyager Digital is facing a proposed class-action lawsuit over alleged hidden fees being charged on its trades, according to a lawsuit filed in a federal Miami court on Dec. 24.
The lawsuit, filed on behalf of Florida resident Mark Cassidy, alleges that while Voyager claims to be a commission-free platform for users, it employs various methods to charge secret commissions on all its trades, including by keeping the spread intentionally wide. These practices likely create more in hidden commissions than Voyager’s competitors collect from their disclosed commissions, the suit charges. One of the lawsuit’s experts estimated damages to Voyager’s customers could exceed $1 billion.
Michael Legg, Voyager’s chief communications officer, told CoinDesk that “this action is absolutely spurious and without any merit, whatsoever. We look forward to dealing with this matter through the appropriate legal channels.” Cassidy is seeking restitution for himself along with “declaratory and injunctive relief to put an end to the Voyager Defendants’ unfair and deceptive marketing and sales practices.”The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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