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Protego’s conditional national bank status expired without approval: Report

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Institutional cryptocurrency custodian Protego’s 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 of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements.

According to the spokesperson: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.

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