The Federal Deposit Insurance Corporation has released documents revealing that it warned the banking industry to stop crypto operators in 2022 and 2023

According to disclosure documents, the Federal Deposit Insurance Corporation (FDIC), one of the US banking regulators, warned banks in 2022 and 2023 that they should stop providing banking services to cryptocurrency operators. The relevant documents were filed with the judge on behalf of lawyers for cryptocurrency trading platform Coinbase, which is litigating with the FDIC. After the judge approved the application, the FDIC released a redacted version of the document issued to some banks that year, which involved warning the banking industry to stop providing banking services to cryptocurrency operators. It is reported that the original lawyer later asked the judge to order the FDIC to release a more detailed version. The FDIC released the relevant version and an internal 2022 notice on Friday, instructing regulators how to evaluate how lenders deal directly with virtual currency assets and transactions with cryptocurrency companies. Coinbase legal counsel Paul Grewel said the documents prove that the FDIC intended to block cryptocurrency companies from using traditional banking services.