Fed issues cease-and-desist order to crypto-friendly bank United Texas Bank

Fed issues cease-and-desist order to crypto-friendly bank United Texas Bank

09-05 05:36

Odaily News The Federal Reserve has issued a cease and desist order to crypto-friendly bank United Texas Bank, citing "significant deficiencies" in the bank's risk management system and crypto client business. The Fed's May inspection found problems with the bank's corporate governance structure and "negligence" by the board and senior management. The main deficiencies involved foreign correspondent banking and virtual currency clients, particularly risk management and anti-money laundering compliance. United Texas Bank has taken steps to strengthen compliance with the Bank Secrecy Act and anti-money laundering program, and has agreed to submit a formal plan to strengthen board oversight. The bank currently has 75 employees and manages approximately $1 billion in assets. Notably, the Fed took similar action against another crypto-friendly bank, Customers Bancorp, in August. Dan Spuller, director of affairs for the Blockchain Association, believes this is a continuation of "Operation Cutoff 2.0," suggesting that the government may be coordinating to prevent banks from working with the crypto industry.

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SPK rose above 0.11 USDT, with a 4-hour increase of 18%.

USDe's market capitalization has risen to $9.293 billion, an increase of more than 75% in the past month.

The median length of time players hold tokens in on-chain PvP is getting shorter and shorter, currently only about 60 seconds.

Lido Co-founder: Decided to reduce the size of the contributor team, affecting approximately 15% of employees

Cardano to allocate over $71 million to advance protocol upgrade

Metaplanet purchased approximately $53.7 million worth of Bitcoin, bringing its total purchases to approximately $1.78 billion.