Investing
Custodia Bank’s membership denied for ties with crypto markets, says US Fed
The United States Federal Reserve released an 86-page report on March 24 detailing the reasons for denying Custodia Bank’s application for membership in January, including the bank’s involvement in the crypto space.
According to the report, the Fed’s board has raised “concerns about banks with business plans focused on a narrow sector of the economy,” with a high concentration of activities related to the crypto industry. The report states:
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