U.S. banking regulators renew warnings to banks following the high-profile collapse of FTX.
The three main U.S. banking regulators renewed warnings to banks about putting too much leverage into crypto-related business.
The list highlighted risks that include the potential for fraud, scams and deceptive practices, in addition to the susceptibility of stablecoins to bank runs. The statement also named issues such as uncertain redemption rights and unknown custody practices at crypto businesses as areas of concern. the agencies wrote."Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization."
Bank relationships with crypto firms have come under additional scrutiny after FTX's high-profile collapse, which was caused by a run on the exchange's utility token FTT, which Alameda Research, the crypto exchange's closely-affiliated investment fund, used as collateral for loans.
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