Regulators warn U.S. banks on crypto risks including 'fraud and scams’ after FTX collapse
Publishing timestamp: 2023-01-03 20:47:50
Summary
US banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to array of risks, including scams and fraud. Regulators said risks include fraud and scams among crypto-asset sector participants and contagion risk within crypto-asset sector resulting from interconnections among certain crypto-asset participants. They also said that they have "significant safety and soundness concerns" with banks that focus on crypto clients or that have "concentrated exposures" to sector.
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Keywords: investment strategy, breaking news: investing, business, cryptocurrency, banks, silvergate capital corp, business news, technology, breakingnewsglobal, breaking news: markets,