US Federal Reserve, FDIC warn banks against crypto risks

The US Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) warned banks about the risks involved with crypto in a joint statement on Jan. 3.

The statement noted that the past year saw high volatility in crypto prices and exposed vulnerabilities in the sector. Therefore, the regulatory authorities highlighted some key risks banks should be wary of while dealing with crypto.