U.S. Currency Regulatory Office (OCC), take caredoes not meet the pre-conversion requirements and therefore conditional He stated that his approval had expired.
With the crypto industry and the global economy awash with bad news about banking, another banking problem has come to light. Institutional cryptocurrency custodian take careconditional national trust banking agreement, terminated for not meeting the requirements.
Crypto Custodian Protego Takes a Hit
Fortune Cryptocurrency custodian, according to the news take carefrom the U.S. Currency Regulatory Office (OCC) took a hit.
take careIts transformation into a federally authorized bank that will allow it to store digital assets and grant other credentials privileges is thus has been shelved.
One OCC spokesperson He told Fortune that Protego did not meet the pre-conversion requirements and therefore its conditional approval has expired. Moreover OCC spokespersonsaid:
“Pre-conversion requirements included meeting minimum capital and liquidity requirements, as well as policies, procedures, systems and other measures to ensure the safe and sound operation of the bank.”
take careFounder and Chairman of the Board of Greg GilmanHe told Fortune that they have two different paths. Gilmanstated that their first way was to “met the requirement to operate as a state bank with charter authority in Washington.” On the other hand Gilmanstated that they have determined re-applying to OCC as the second option since their capital requirements have been met.
