U.S. Regulators Impose Restrictions on Banks Serving the Crypto Industry 🔻

> U.S. federal bank regulators are imposing restrictions on banks that serve the crypto industry. This action follows a series of bankruptcies last March, where authorities held cryptocurrencies accountable for the failures

> The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) have requested certain banks to limit deposits from crypto companies to 15% of their total deposits for risk management purposes. Regulators are concerned about real-time payment platforms favored by crypto firms, which can operate 24/7 outside of normal business hours

> Elaine Hetrick, director of Silvergate Bank, indicated that her bank decided to cease operations due to mounting pressures following the FTX collapse. Other banks, including Customers Bank, Cross River Bank, and Western Alliance Bank, are facing similar regulatory scrutiny

> Officials from the Cooper & Kirk law firm believe the ongoing pressure is not legally …