Texas Halts Crypto Banking Operation over Regulatory Violations

According to a press release issued Jan. 26, the Texas Department of Banking said its cease-and-desist order issued to cryptocurrency banking platform AriseBank has taken effect, barring its services in the state. The department's banking commissioner Charles​ ​G.​ ​Cooper, said the firm has been promoting and offering banking services while not chartered or authorized to engage in banking in the state, and is "Not supervised by or registered with any Texas or federal regulatory agency." The order said the company has violated the Texas Finance Code Chapter 31 and thus AriseBank is required to "Cease and desist from implying that they engage in the business of banking in Texas" and to clarify that it will not offer services to Texas residents. While the website of AriseBank is currently unavailable, a previous press release and historic data captured by Archive.org shows that the firm touts a "Decentralized banking platform" that includes storage, exchange and payment services, as well as Visa cards linked to crypto accounts.
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