US Authorities May Close Another Bank Serving Crypto Companies

Reading Time: < 1 minute

Cross River Bank is listed as one of the lending institutions that serve crypto companies, such as Coinbase and Circle, the issuer of USDC.

Last week, the US Federal Deposit Insurance Corporation (FDIC) released a document detailing that it had tightened its control over Cross River Bank.

This control, however, was not related to the bank’s services to the crypto industry, but was instead a standard procedure to help reduce risks of bankruptcy.

The top management of the bank has promised to quickly fulfill the requirements of the regulator.

Furthermore, the representative of the credit institution has stated that the DFIC order does not impose any additional restrictions on their partnerships with the fintech industry and that they will continue to lend to this business.