Farmington, which operates under its Moonstone Bank name, “improperly” pivoted to a pro-digital assets business plan in 2022 without notifying, and obtaining approval from, its supervisors, the document said. The joint enforcement action from the Federal Reserve Board and the Washington State Department of Financial Institutions bars the Washington state-based bank from “making dividends or capital distributions, dissipating cash assets and engaging in certain activities” without its supervisors’ permission.
Source: https://www.coindesk.com/policy/2023/08/17/ftx-linked-farmington-state-bank-slapped-with-fed-enforcement-action/?utm_medium=referral&utm_source=rss&utm_campaign=headlines