Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source

Protego Trust, the cryptocurrency custody firm awaiting final approval from U.S. authorities to convert into a nationally chartered trust bank, has been forced to terminate most of its workforce, according to a person familiar with the matter. The firm was looking to secure fresh funding but has been unable to, making it the latest victim of the continuing crypto bear market, according to a person CoinDesk communicated with via direct messages. While “more than half” of Protego’s workforce has

• 2023-03-02
• Protego Trust OCC Office of the Comptroller of the Currency Protego CoinDesk

Regulators Warn Banks on Crypto Risks. It’s the Latest Sign of a Broad Crackdown.

Some in the digital-asset industry have claimed the federal government is making it harder to find banks willing to do business with them.

• 2023-02-24
• Federal Deposit Insurance Corp. Federal Reserve Office of the Comptroller of the Currency federal regulators digital assets risk management principles