Financial institutions were warned by U.S. banking regulators that commercial activity involving cryptocurrencies exposes them to a variety of dangers, including fraud, scams, and contagion related to counterparty risks with other participants in the cryptocurrency ecosystem. The warning was issued in a joint statement from the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
Regulators Warn U.S. Banks On Crypto Risks Including ‘Fraud and Scams’ After FTX Collapse
