The US Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) warned banks about the risks involved with crypto in a joint statement on Jan. 3.
The statement noted that the past year saw high volatility in crypto prices and exposed vulnerabilities in the sector. Therefore, the regulatory authorities highlighted some key risks banks should be wary of while dealing with crypto.
The authorities noted that the risk of fraud and scams among crypto firms could potentially affect banks dealing with such companies. In addition, the latest bankruptcy of FTX and fraud allegations against its founder Sam Bankman-Fried (SBF), could have potentially motivated the regulators to warn banks against such risks.
The statement said that banks should also beware of risks arising from legal uncertainty around crypto custody services, redemptions, and ownership rights.
The regulators warned that crypto firms might provide fraudulent disclosures
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