Protego’s conditional national bank status expired without approval: Report

A spokesperson for the United States Office of the Comptroller of the Currency told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson:

“[The] pre-conversion requirements included policies, procedures, systems and other measures to ensure the safe and sound operation of the bank as well as meeting minimum capital and liquidity requirements.”charter from the in February 2021, and it was extended once. Under a conditional charter, an organization cannot accept deposits. An unnamed source told Fortune that Protego had lined up agreements on the necessary financing to meet charter requirements by the Feb.

SCOOP: The OCC says the crypto firm Protego did not meet the requirements to convert into a national trust bank, another massive setback for the crypto industry as its banking options dwindle:

'Well, that's one less thing to worry about, right?'

Let's just keep counting until we find one that sticks! CryptoGambling

And the attack on crypto continues

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