Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
The U.S. Federal Reserve targeted Customers Bank with an enforcement action saying it wasn't properly handling the risks from its crypto customers.called outsigned by the bank's top executives, the Fed noted"significant deficiencies related to the Bank’s risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering."
Customers Bank's client list has included top names such as Galaxy Digital , Coinbase and Circle, and in the wake of last year's tech-bank crisis that saw the demise of leading banks serving crypto customers, such ahas been difficult to find in the U.S. banking sector. But Customers had already shown signs of struggling with its crypto relationships. In June, CoinDesk reported it was cutting hedge fund activity and had capped its crypto deposits.
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