Anti-Financial Crime & Financial Crime Compliance
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NEWS: Banks should approach crypto with heightened caution in wake of FTX scandal – US regulators

BANKMAN-FRIED CONVICTED: "The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it," prosecutor Jonathan Williams said after the verdict. Our photo shows Bankman-Fried at an earlier hearing.

By Hannah Lang in Washington

BANKS should be more careful about the risks of fraud, legal uncertainty and misleading disclosures by crypto firms, US regulators warned – just two months after the collapse of crypto exchange FTX stunned the financial world.

In their first joint statement on crypto, the Federal Reserve, Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC) said they had concerns with the safety and soundness of bank business models that are highly concentrated in crypto.

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