U.S. Currency Regulatory Office ( OCC), protestdoes not meet the pre-conversion requirements and therefore conditional He stated that his approval had expired.
With the crypto industry and the global economy awash with bad news about banking, another banking problem has come to light. Institutional cryptocurrency custodian protestconditional national trust banking agreement, terminated for not meeting the requirements.
Crypto Custodian Protego Takes a Hit
FortuneCryptocurrency custodian, according to the news protestfrom the U.S. Currency Regulatory Office ( OCC) took a hit.
protestIts transformation into a federally authorized bank that will allow it to store digital assets and grant other credentials privileges is thus has been shelved.
One OCC spokesperson He told Fortune that Protego did not meet the pre-conversion requirements and therefore its conditional approval has expired. Moreover OCC spokesperson, said:
“Pre-conversion requirements included meeting minimum capital and liquidity requirements, as well as policies, procedures, systems and other measures to ensure the safe and sound operation of the bank.”
protestFounder and Chairman of the Board of Greg GilmanHe told Fortune that they have two different paths. Gilman stated that their first way was to “met the requirement to operate as a state bank with charter authority in Washington.” On the other hand Gilmanstated that they have determined re-applying to OCC as the second option since their capital requirements have been met.
