**Breaking News: US Fed Issues Cease and Desist Order to United Texas Bank**
- **New Drama in the Crypto World!** The US Federal Reserve has issued a cease and desist order to United Texas Bank (UTB), one of the US banks still servicing crypto companies.
- **Why?** The central bank found âsignificant deficienciesâ in UTBâs governance, particularly in its compliance with anti-money laundering (AML) laws and risk management related to virtual currency customers.
- **What Does the Fed Say?** âThe examination identified significant deficiencies related to foreign correspondent banking and virtual currency customers,â the order said.
- **Whatâs Next?** UTB must improve its AML and BSA programs. The board of directors has been given 90 days to submit a comprehensive plan.
- **A Growing Trend:** This is part of a trend of US regulators tightening up on banks involved in the crypto industry. Last month, Customers Bank also went through a similar thing.
**What do you think about this move? Comment below!** đ