US Fed Cracks Down on Crypto-Banking : Texas Bank Hit with Cease-and-Desist Order
#USFederal #USFed #usdoller #Texas
The US Federal Reserve has issued a cease-and-desist order against United Texas Bank, citing "significant deficiencies" in its anti-money laundering (AML) compliance related to its crypto dealings.
The Dallas-based bank, one of the few remaining US lenders serving crypto firms, must submit a corrective action plan within 90 days.
This comes as part of a broader crackdown by the Fed on banks working with crypto companies, following the collapse of Signature and Silvergate banks in 2023.
Many US crypto firms are now facing increased difficulties securing banking partners, as regulatory scrutiny intensifies and banks shy away from crypto exposure.
