Federal Reserve issues enforcement action against FTX-linked US bank By Cointelegraph
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The Federal Reserve Board of the United States and the Washington State Department of Financial Institutions have announced an enforcement action against Farmington State Bank, a financial institution whose parent company received more than $11 million from Alameda Research.
In an Aug. 17 announcement, the Fed said the enforcement action was related to Farmington “improperly chang[ing] its business plan” in 2022 without proper notification and approval. The bank did not inform the Fed it intended “to pursue a strategy focused on digital banking services or digital assets.” Formerly named Moonstone, Farmington received roughly $11.5 million from FTX’s sister firm Alameda through its holding company FBH Corporation in March 2022.
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The Federal Reserve Board of the United States and the Washington State Department of Financial Institutions have announced an enforcement action against Farmington State Bank, a financial institution whose parent company received more than $11 million from Alameda Research.
In an Aug. 17 announcement, the Fed said the enforcement action was related to Farmington “improperly chang[ing] its business plan” in 2022 without proper notification and approval. The bank did not inform the Fed it intended “to pursue a strategy focused on digital banking services or digital assets.” Formerly named Moonstone, Farmington received roughly $11.5 million from FTX’s sister firm Alameda through its holding company FBH Corporation in March 2022.
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