[[{“value”:”The post Crypto Friendly Customers Bank Received FED Warning-Is This the End for Crypto’s Banking Ally? appeared first on Coinpedia Fintech News
Customers Bank, one of the last of crypto friendly American banks has been warned by the Fed. The Federal Reserve, which controls the U.S. money system, has taken action against the bank because they’re not happy with how the bank handles risks and fights against money laundering .This is a big deal, especially because Customers Bank is a key player in the world of cryptocurrency.
Why This Matters for a Crypto Bank
Customers Bank is not just any random bank. It supports cryptocurrency companies with their money needs. The bank has a system called the Customers Bank Instant Token (CBIT), which allows people to make payments in U.S. dollars anytime, 24×7. But because of this close link to crypto, the bank is now facing more checks from the authorities. About one-sixth of the bank’s money comes from the crypto world, so this n
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