The founder of an insurance company that was the subject of a public warning by the Bermuda Monetary Authority has reaffirmed its commitment to the island.

Palm Beach, Florida-based Blockchain Deposit Insurance Consultant Group LLC announced in January the launch of its new international entity, Blockchain Deposit Insurance Corporation.

It said BDIC was establishing its headquarters on the island.

The BMA, the island’s financial services regulator, issued a public warning about the company this week, saying it is not licensed, as is required to carry on any regulated activity on the island, and nor does the company appear on the register of companies that is maintained by the Registrar of Companies, which would also be required.

Today, BDIC issued a statement about its plans for Bermuda, and provided an operational update about its activities in other countries.

The company said: “Recent perceived media suggesting BDIC’s filing in Bermuda was approved was premature.

“BDIC maintains ongoing communication with the BMA as regulatory approval remains an active process, reaffirming commitment to Bermuda — recognised as the ‘insurance capital of the world’ — with filing a top priority despite unexpected delays.”

Company founder and chief executive Jeffrey Glusman said: “Bermuda headquarters has been part of the plan from Day 1, as we move forward on our cover holder application with Lloyd’s in coming months.

“We appreciate the BMA’s engagement and respect the necessary regulatory steps taken, ensuring public interest is protected.”

The company said interest in BDIC’s newly formed Hong Kong entity surged in recent weeks, particularly amid volatility in global crypto markets.

Paul Kohli, cofounder and managing director of BDIC Hong Kong and pan-Asia markets, said: “We are committed to bringing deposit insurance solutions to the crypto sector in Q4, with Hong Kong leading the BDIC charge.”

Mr Kohli also highlighted accelerated discussions with BDIC’s regional affiliate partners.

“The ByBit hack reinforced the need for robust deposit insurance. We’ve been demonstrating how BDIC’s insurance model would have protected clients, safeguarded exchange reputation and mitigated the FUD [fear, uncertainty and doubt] domino effect following the breach.”

ByBit, a cryptocurrency exchange based in Dubai, was hacked last month, resulting in the theft of nearly $1.5 billion in ethereum, and triggering withdrawals from the exchange totalling more than $5.5 billion.

The hackers are said to be from the infamous Lazarus Group, a state-backed cybercrime syndicate from North Korea.

The ByBit hack is thought to be the biggest cryptocurrency theft in history.

BDIC’s cryptocurrency insurance platform is designed to protect digital currency wallet holders from exchange failures and cyber exploits, and aims to bring institutional-grade security to the crypto ecosystem.

Mr Glusman also provided an update on Swiss operations.

“The BDIC Zug filing is expected shortly [March] as we complete requirements for compliance in Switzerland, where our legal, compliance and auditing teams are prepared for our planned token generation event on May 20.”

As BDIC executes its roadmap, it said the BDIC Foundation is evaluating potential headquarter locations.

Mr Glusman said: “This decision goes beyond tax benefits. We are seeking a jurisdiction that aligns with our mission — a community that shares our vision of decentralised deposit insurance forming a strategic partnership that fosters growth, encourages participation and brings long-term value to both the foundation and its home.”