Wyoming-based crypto-focused bank Custodia Bank’s application to join the Federal Reserve system was rejected for the second time by the US Federal Reserve (FED).
The Fed announced on its official website on February 23 that Custodia Bank’s application to join the Federal Reserve system has been suspended. second time denied reported. on the board side as a result of voting In the decision taken, it was observed that the decision made last month was adhered to.
What Custodia did to the Federal Reserve system at the end of last January first applicationthe company’s new crypto-focused business model significant risks It was denied on the grounds that it did. In addition, the Fed risk management And preventing money laundering and terrorist financing its capacity to address concerns about the cryptocurrency ecosystem. insufficient had mentioned that.
company CEO Caitlin Long for customers of Custodia on the subject honest, safe and reliable efforts to provide a service by the Fed. has been blocked had suggested.