Coinbase found over 20 instances where the Federal Deposit Insurance Corporation (FDIC) asked banks to pause or refrain from providing crypto-related banking services. The crypto exchange made this discovery after receiving 23 documents from the FDIC. The FDIC did not release the actual letters, but the shared documents contained summaries.
The letters were sent between March and October 2022 and advised banks to hold off on offering crypto services until the FDIC completed its review. The FDIC expressed concerns about the banks’ legal analysis, compliance with regulations, safety, and consumer protection. Coinbase plans to continue seeking clarity from regulators through FOIA requests and other means.
