Customers Bank, which services American crypto companies, has received an order from the US Federal Reserve to limit the risks of servicing clients investing in digital assets. The Fed requires notifications to the regulator about the conclusion of new agreements for servicing crypto market participants.

The US Federal Reserve has accused Customers Bank of failing to properly supervise activities related to investments in virtual digital assets. The Fed’s notice notes “significant deficiencies related to Customers Bank’s risk management practices and compliance with applicable anti-money laundering laws, rules, and regulations.”

Customers Bank must promptly provide the Fed with a plan and new approach to compliance, including an agreement that the bank will “collect, analyze, and maintain complete and accurate information about all customers.” In addition, the bank must notify the Fed 30 days in advance of the adoption of “any new strategic initiative, product, or service related to digital assets.”

Earlier, experts from the American investment bank Jefferies reported that the fate of the US crypto industry and the value of Bitcoin are in direct correlation with the outcome of the US presidential elections, which are scheduled to take place in November 2024.