Odaily Planet Daily News Evolve Bank & Trust reached a cease and desist agreement with the Federal Reserve after the Fed found that the bank had unsafe and unsound operations in some fintech cooperation and lacked adequate anti-money laundering controls. Evolve has come under the spotlight due to the failure of the intermediary Synapse Financial Technologies, which resulted in the freezing of the accounts of many fintech users. The issue has become more complicated as Synapse and Evolve's ledgers, and even some fintech companies like Yotta, disagree on how much funds should be in certain accounts. Evolve has always been an important bank in the crypto ecosystem, serving as the issuer of BlockFi credit cards and providing checking accounts and debit cards for FTX customers. The recent examiner report of the FTX bankruptcy court also emphasized that FTX Philanthropy has approximately $10 million in funds in the Evolve Bank & Trust account. (Protos)