US Fed Issued Cease and Desist Order Against Crypto-Friendly United Texas Bank

in news •  2 months ago 

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The U.S. Federal Reserve has issued a cease-and-desist order with a deadline of 90-day against United Texas Bank (UTB), one of the few remaining American financial institutions still catering to crypto companies. Last month, Customers Bank, a Pennsylvania-based lender, came under similar scrutiny from the Federal Reserve. Once a preferred partner for crypto firms, the institution agreed to increased regulatory oversight after the Fed identified lapses in its anti-money laundering compliance.

source: cryptopotato

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