Cross River Bank is included in the list of lending institutions serving crypto companies. His clients include Coinbase and USDC issuer Circle.
According to Bloomberg, the US Federal Deposit Insurance Corporation (FDIC) has tightened control over Cross River Bank.
Back in early March, the regulator demanded that the bank change its financial policy and improve the efficiency of crisis management. However, the FDIC document was released only late last week.
The press service of Cross River Bank emphasized that the tightening of control has nothing to do with servicing the crypto business. This is a standard procedure, the purpose of which is to reduce the risks of bankruptcy.
The top management of the bank promised to fulfill all the requirements of the regulator as soon as possible.
The representative of the credit institution also added:
The DFIC order does not impose any additional restrictions on our partnerships with the fintech industry, and we will continue to lend to this business.