Golden Finance reported that Evolve Bank and Trust reached a cease and desist agreement with the Federal Reserve, which found that the bank had unsafe and unsound operations in some fintech collaborations and lacked adequate anti-money laundering controls. Evolve has come under scrutiny due to the failure of intermediary Synapse Financial Technologies, which resulted in the freezing of accounts of many fintech users. The problem was complicated by disagreements over account amounts between Synapse and Evolve's accounts and those of some fintech companies. Evolve plays an important role in the cryptocurrency ecosystem, including providing financial services to BlockFi and FTX clients. The cease and desist order requires Evolve to submit a more detailed compliance plan and updated due diligence procedures to ensure that it has sufficient customer information.