{"id":565226,"date":"2023-03-18T01:17:30","date_gmt":"2023-03-17T22:17:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/protegos-conditional-national-bank-status-expired-without-approval-report\/"},"modified":"2023-03-18T01:17:30","modified_gmt":"2023-03-17T22:17:30","slug":"protegos-conditional-national-bank-status-expired-without-approval-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/protegos-conditional-national-bank-status-expired-without-approval-report\/","title":{"rendered":"# Protego\u2019s conditional national bank status expired without approval: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28ce813e0f0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28ce813e0f0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/protegos-conditional-national-bank-status-expired-without-approval-report\/#%E2%80%9D_Protegos_conditional_national_bank_status_expired_without_approval_Report_%E2%80%9C\" >&#8221; Protego\u2019s conditional national bank status expired without approval: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Protegos_conditional_national_bank_status_expired_without_approval_Report_%E2%80%9C\"><\/span>&#8221; Protego\u2019s conditional national bank status expired without approval: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvM2M1ZDVhMDItZDhhMy00MWU3LWEwNmQtYjQ0NWVlZWNhMGYxLkpQRw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Institutional cryptocurrency custodian Protego\u2019s conditional national trust banking charter has expired without it receiving permanent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval, according to a report in Fortune on March 17. Protego failed to meet pre-conversion requirements, the magazine <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fortune.com\/crypto\/2023\/03\/17\/crypto-bank-protego-didnt-meet-requirements-for-national-trust-charter-occ-says\/\" data-amp=\"https:\/\/fortune-com.cdn.ampproject.org\/c\/s\/fortune.com\/crypto\/2023\/03\/17\/crypto-bank-protego-didnt-meet-requirements-for-national-trust-charter-occ-says\/amp\/\">reported<\/a>.<\/p>\n<p>A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson:<\/p>\n<blockquote><p>\u201c[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.\u201d<\/p><\/blockquote>\n<p>Protego, based in Washington state, was granted an 18-month conditional 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. 4 deadline, but it did not receive a firm answer about its charter.<\/p>\n<p>An OOC bulletin dated March 5-11 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/weekly-bulletin\/2023\/wb-03052023-03112023.pdf\">listed<\/a> Protego and indicated that time had expired on its conversion on February 4.  <\/p>\n<p><strong><em>Related: 89% still trust centralized custodians despite 2022\u2019s collapses: Survey<\/em><\/strong><\/p>\n<p>Protego founder and executive chair Greg Gilman said in an interview with Fortune that he felt Protego had met the financing requirement and the company could either reapply to the OCC, which is a division of the federal Treasury Department, or apply to state authorities to operate as a stet bank.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WdopSyOdZS\" data-amp=\"https:\/\/fortune-com.cdn.ampproject.org\/c\/s\/fortune.com\/crypto\/2023\/03\/17\/crypto-bank-protego-didnt-meet-requirements-for-national-trust-charter-occ-says\/amp\/\">https:\/\/t.co\/WdopSyOdZS<\/a><\/p>\n<p>\u2014 Leo Schwartz (@leomschwartz) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/leomschwartz\/status\/1636773812854222849?ref_src=twsrc%5Etfw\">March 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A federal charter would have allowed Protego to custody digital assets and perform credentialling functions, such as Know Your Customer measures. At present, Anchorage Bank is the only crypto firm to receive a national banking charter. <\/p>\n<p>Custodia Bank was denied a place in the Federal Reserve system on Feb. 23. Paxos also received a conditional national trust bank charter in 2021. A spokesman said that company \u201ccontinues to work constructively with the OCC\u201d on its pending application.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/protego-s-conditional-national-bank-status-expired-without-approval-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Protego\u2019s conditional national bank status expired without approval: Report &#8220; Institutional cryptocurrency custodian Protego\u2019s conditional national trust banking charter has expired without it receiving permanent approval, according to a report in Fortune on March 17. Protego failed to meet pre-conversion requirements, the magazine reported. A spokesperson for the United States Office of the Comptroller&#8230;<\/p>\n","protected":false},"author":1,"featured_media":565227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/3c5d5a02-d8a3-41e7-a06d-b445eeeca0f1.JPG","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,70934],"class_list":["post-565226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=565226"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/565227"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=565226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=565226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=565226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}