FTX-linked Moonstone bank to exit the crypto space

Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, has announced today that it will be exiting the crypto space and returning to its “original mission” as a community bank. 

In a statement released by the bank — now known as Farmington State Bank — on Jan. 19, it cited that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory…

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