{"id":31837,"date":"2024-11-02T21:30:43","date_gmt":"2024-11-02T18:30:43","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31837"},"modified":"2024-11-02T19:20:27","modified_gmt":"2024-11-02T16:20:27","slug":"coinbase-reveals-fdics-efforts-to-keep-banks-away-from-crypto-services","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/coinbase-reveals-fdics-efforts-to-keep-banks-away-from-crypto-services\/","title":{"rendered":"Coinbase Reveals FDIC\u2019s Efforts to Keep Banks Away from Crypto Services"},"content":{"rendered":"<p>Cryptocurrency exchange Coinbase has revealed that it has found \u201cmore than 20 instances\u201d of the Federal Deposit Insurance Corporation (FDIC) advising U.S. banks to avoid crypto-related banking services. The discovery comes after Coinbase filed two Freedom of Information (FOIA) requests with the FDIC.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/coinbase-reveals-fdics-efforts-to-keep-banks-away-from-crypto-services\/#Coinbase_Head_of_Legal_%E2%80%9CThe_Public_Has_a_Right_to_Transparency%E2%80%9D\" title=\"Coinbase Head of Legal: \u201cThe Public Has a Right to Transparency\u201d\">Coinbase Head of Legal: \u201cThe Public Has a Right to Transparency\u201d<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/coinbase-reveals-fdics-efforts-to-keep-banks-away-from-crypto-services\/#FDIC_Questions_Banks_Risk_Assessments\" title=\"FDIC Questions Banks\u2019 Risk Assessments\">FDIC Questions Banks\u2019 Risk Assessments<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Coinbase_Head_of_Legal_%E2%80%9CThe_Public_Has_a_Right_to_Transparency%E2%80%9D\"><\/span>Coinbase Head of Legal: \u201cThe Public Has a Right to Transparency\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Coinbase Head of Legal Paul Grewal said in a social media post on Nov. 1 that it has found more than 20 instances of the FDIC advising banks to \u201csuspend,\u201d \u201cavoid,\u201d or \u201cdiscontinue\u201d crypto banking services. Grewal called the FDIC\u2019s covert approach a \u201cshameful example\u201d of a government agency attempting to cut off financial access to lawful American businesses.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-31838 size-full\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/11\/coinbase.webp\" alt=\"\" width=\"892\" height=\"327\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/11\/coinbase.webp 892w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/11\/coinbase-300x110.webp 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/11\/coinbase-768x282.webp 768w\" sizes=\"auto, (max-width: 892px) 100vw, 892px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FDIC_Questions_Banks_Risk_Assessments\"><\/span>FDIC Questions Banks\u2019 Risk Assessments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The 23 documents outlined in the court filing include the FDIC\u2019s instructions to banks not to offer crypto services. The documents, which show instances where the FDIC questioned banks\u2019 risk assessments of crypto services, state that the FDIC advised banks not to offer crypto services until an investigation was completed.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/what-is-babydoge\/\">What is BabyDoge?<\/a><\/em><\/p>\n<p>For example, \u201cDocument 5\u201d states that the FDIC met with a bank to conduct a detailed review of crypto services. The bank submitted additional documentation after the meeting, but the FDIC allegedly raised more \u201cquestions\u201d and stated that \u201cthe service should not be extended to new customers until the investigation is completed.\u201d<\/p>\n<p>These developments come on the heels of Coinbase\u2019s announcement that it is ready to cooperate with whatever administration comes into power in the U.S. elections.<\/p>\n<hr \/>\n<p><em>You can join our <strong><a href=\"https:\/\/t.me\/coinengineernews\">Telegram<\/a> <\/strong>channel to not miss the news and stay informed about the crypto world.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Coinbase has revealed that it has found \u201cmore than 20 instances\u201d of the Federal Deposit Insurance Corporation (FDIC) advising U.S. banks to avoid crypto-related banking services. The discovery comes after Coinbase filed two Freedom of Information (FOIA) requests with the FDIC. Coinbase Head of Legal: \u201cThe Public Has a Right to Transparency\u201d Coinbase<\/p>\n","protected":false},"author":6,"featured_media":31698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[151,9243,9242,4871,9244],"class_list":["post-31837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-coinbase","tag-coinbase-fdic","tag-coinbase-legal","tag-fdic","tag-fdic-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Reveals FDIC\u2019s Efforts to Keep Banks Away from Crypto Services - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/coinbase-reveals-fdics-efforts-to-keep-banks-away-from-crypto-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Reveals FDIC\u2019s Efforts to Keep Banks Away from Crypto Services - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency exchange Coinbase has revealed that it has found \u201cmore than 20 instances\u201d of the Federal Deposit Insurance Corporation (FDIC) advising U.S. banks to avoid crypto-related banking services. 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