According to Foresight News, the Federal Reserve has taken enforcement action against Evolve Bank and Trust for deficiencies in its anti-money laundering, risk management, and consumer compliance programs. In addition to requiring other remedial improvements, the board also requires the bank to improve its policies and programs in these areas. For current partnerships with fintech companies, the board's action requires Evolve to strengthen its risk management practices and address potential risks, including compliance and fraud risk programs, by implementing appropriate supervision and monitoring of these relationships, including strengthening procedures related to recordkeeping and consumer compliance.

According to Protos, Evolve is 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 highlighted that FTX Philanthropy has approximately $10 million in an account at Evolve Bank and Trust.