In a week when the crypto industry — and the rest of the world — was beset by bad news about banking, one more banking setback has come to light.
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Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a March 17 report in Fortune.
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A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson:
“[The] pre-conversion requirements included policies, procedures, systems and other measures to ensure the safe and sound operation of the bank as well as meeting minimum capital and liquidity requirements.”
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