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.Read more on cointelegraph.com