Custodia Bank receives disappointing news after a long wait.
In spite of the rejection, the bank’s application for a master account remains pending, the bank said in a tweet. A so-called “master account” enables a bank to make international transfers and carry out other important functions. Custodia, headed by Caitlin Long, applied for the master account in 2020 andThe Fed gave the bank 72 hours to withdraw its application, Custodia said in a statement.
It added, “Custodia actively sought federal regulation, going above and beyond all requirements that apply to traditional banks.”master accounts in August, when it became clear that digital asset banks could have a difficult time receiving an account. “Institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review,” the Fed said in a statement at the time.
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