🚨 BREAKING NEWS: US Fed Cracks Down on Crypto-Friendly Texas Bank! 🚨

Crypto community, brace yourselves! The US Federal Reserve has just issued a cease-and-desist order to United Texas Bank, citing “significant deficiencies” in their anti-money laundering (AML) compliance related to crypto clients! 🏦💥

This shocking move targets the bank’s governance, customer due diligence, and monitoring of suspicious activities, especially in their crypto transactions. The Fed’s investigation revealed major lapses, prompting this stringent action. 📉

United Texas Bank now has 90 days to submit a comprehensive action plan to address these issues. This plan must include proper staffing and regular reviews to ensure full AML compliance. 🕵️‍♂️

This isn’t an isolated incident. Recently, Customers Bank faced a similar crackdown, highlighting the increasing regulatory scrutiny on crypto-friendly banks. Is this part of a broader effort to stifle the crypto industry’s growth in the US? 🤔

Stay tuned as we follow this developing story. What are your thoughts on this regulatory crackdown? Let us know in the comments below! 👇

#CryptoRegulation #USFed #TexasBank #AML #CryptoNews