Category: Office of the Comptroller of the Currency (OCC)

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Vast Bank Withdraws From Cryptocurrency Sector, Shuts Down Mobile App

February 7, 2024

Vast Bank, the U.S. financial institution that once offered customers the unique ability to manage cryptocurrencies alongside traditional banking, is exiting the digital asset space and shutting down its crypto mobile app in response to a consent order from the Office of the Comptroller of the Currency (OCC). Vast Bank Closes Cryptocurrency App, Exits Digital…
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US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities

January 28, 2023

The United States Federal Reserve Board said on Jan. 27 that both insured and uninsured banks will be subjected to limits on certain activities including those that are associated with crypto assets. The board’s latest action does not preclude a state member bank or prospective applicant from providing crypto-assets safekeeping services. Limiting Regulatory Arbitrage The…
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