Coinbase reveals FDIC’s advisories against banks offering crypto services.
Legal actions highlight demand for transparency in cryptocurrency regulation.
Coinbase has revealed troubling findings about the Federal Deposit Insurance Corporation (FDIC), uncovering over 20 instances where the regulator advised banks to avoid providing crypto-related services. This information emerged following the exchange’s recent Freedom of Information Act (FOIA) requests aimed at shedding light on the ongoing governmental crackdown on cryptocurrencies.
In a statement on November 1, Coinbase’s Chief Legal Officer, Paul Grewal, expressed concern over the FDIC’s actions, which he described as attempts to restrict financial access for law-abiding businesses. The documents submitted to the court illustrate the FDIC questioning banks’ risk assessments concerning cryptocurrency services. It often advises them to “pause” or “refrain” from offering such services until they conduct f
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