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The Inspector General’s Office (OIG) of the Federal Deposit Insurance Corporation (FDIC), the independent United States government body that provides deposit insurance to commercial and savings banks, has published an evaluation report on the corporation’s crypto asset risk strategy. A redacted version of the report has been released to the
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The Office of the Inspector General for the FDIC – an internal watchdog function within U.S. agencies – studied the banking agency's performance when it came to preparing the industry for crypto's risks and found it lacking, according to a report issued on Wednesday. Original Source
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In an Oct. 16 update to Binance.US’s terms of service for the exchange, a clarification was made that digital assets do not qualify for FDIC insurance coverage. The update also specifies that users must convert U.S. dollars into stablecoins or other cryptocurrencies before making withdrawals. U.S. dollar funds to stablecoin As part of
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In this year’s review, the FDIC evaluates the potential implications and challenges of integrating crypto activities into the traditional US banking framework. In its 2023 annual risk review, the US Federal Deposit Insurance Corporation (FDIC) dedicated
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The report makes no new policy, and it adds to the consistent view from U.S. banking agencies – including the Office of the Comptroller of the Currency and the Federal Reserve – that banks should mostly keep their distance from digital assets, unless their federal regulators are comfortable with the
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Crypto-assets and their related activities present key risks to the United States banking system and warrant closer supervision, warns a leading U.S. financial regulator. For the first time, cryptocurrency was given a dedicated section in the Federal Deposit Insurance Corporation’s (FDIC) annual risk review, calling digital asset risks “novel and
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The ongoing crisis surrounding the U.S. banking system struck again as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, with the Federal Deposit Insurance Corporation (FDIC) taking control. On July 31, the four branches of Heartland Tri-State Bank will reopen
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Heartland Tri-State Bank is bankrupt but the Federal Deposit Insurance Corporation (FDIC) has already stepped in to protect customer interests, reports on July 29 show. This bankruptcy marks another bank failure in weeks following the collapse of First
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The agency cited three examples of “false and misleading representations,” including a mention on its website that the Provenance Blockchain’s HASH token on OKCoin had “received broad regulatory acceptance from the SEC, OCC, FED, and the FDIC” and a 2020 posting to the company’s website, where it advertised itself as
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Keep your money in an insured account, not on an uninsured payment app, the United States Consumer Financial Protection Bureau (CFPB) warned Americans in a report released June 1. The increasing popularity and utility of nonbank peer-to-peer (P2P) payment apps, including for crypto asset transactions, makes the risk of loss
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