US Regulators Warn Banks Against Risks of Working with Crypto

The Federal Reserve (Fed), the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have just released a joint statement in which the regulators have warned the US banking sector against the risks associated with digital assets.

According to the statement, credit institutions and their clients can become victims of scammers who often resort to schemes to steal funds by attracting investors to dubious crypto projects.

We should not forget that many crypto companies have filed for bankruptcy, including the FTX exchange, after the events that have marked a negative year (2022) for crypto.

According to the regulators:

“Last year’s events caused not only turbulence in the cryptocurrency market, but also highlighted the vulnerability of the industry.”