🚨 Breaking News: The Federal Reserve has ordered United Texas Bank to cease operations due to “serious deficiencies” in risk management and dealing with crypto clients.

🔍 An audit in May found issues with the bank’s governance and oversight structure.

💼 The deficiencies involved foreign banking and crypto clients, specifically risk management and compliance with anti-money laundering (AML) and the Bank Secrecy Act (BSA).

📈 United Texas Bank has taken steps to improve its BSA/AML compliance and will submit a plan to strengthen its board of directors’ oversight.

💬 What do you think? Comment now! 👇

#CryptoNews#Blockchain#BTC#Finance#Tech#Regulation