Evolve Bank and Trust has reached a cease and desist agreement with the Federal Reserve. The Federal Reserve found that the bank had engaged in unsafe and unsound practices in some of its fintech partnerships and lacked sufficient anti-money laundering controls. Due to the failure of intermediary Synapse Financial Technologies, many fintech users' accounts were frozen, drawing attention to Evolve. The situation is complicated by discrepancies in the accounts of Synapse and Evolve, as well as some fintech companies' account balances. Evolve plays an important role in the cryptocurrency ecosystem, providing financial services to BlockFi and FTX customers. The cease and desist order requires Evolve to submit a more detailed compliance plan and updated due diligence procedures to ensure that it has sufficient customer information.
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Federal Reserve issues cease-and-desist order against Evolve Bank
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