US Fed intervenes with bank associated with FTX's Alameda Research

US Fed intervenes with bank associated with FTX's Alameda Research



The Federal Reserve (Fed) has initiated regulatory measures against Washington-based Farmington State Bank and its holding company, FBH Corporation, following undisclosed modifications to the bank's operational strategy. Formerly recognized as Moonstone Bank, it had significant connections with FTX’s trading arm, Alameda Research.



On Aug. 17, the Fed explained that the intention behind these measures is to manage a systematic cessation of the bank’s activities, crucial for safeguarding the bank's clients and the overarching Deposit Insurance Fund. Furthermore, both Farmington and FBH are now explicitly restricted from dispersing dividends, decreasing monetary assets, or embarking on specific business pursuits without prior consent from their overseeing bodies.



Responding to the Fed’s decisions, Farmington State Bank concurred in t


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#Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Fed, #FTX, #News

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