The Bank Slate


Bank with FTX ties leaving the crypto business

Farmington State Bank in Farmington, Wash., is the latest bank to announce plans to get out of the crypto business.

The $98.9 million-asset bank, which has operated as Moonstone Bank and gained notoriety when it was disclosed that it had received an $11.5 million investment from an FTX affiliate, said in a press release that plans to close crypto accounts.

Farmington, which plans to scrap the Moonstone brand, said it will also end its push into hemp/cannabis banking.

The change “reflects the impact of recent events in the crypto assets industry and the resultant changing regulatory environment relating to crypto asset businesses,” the bank said in the release.

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