The Federal Reserve Board of the United States has announced that it has ended an enforcement action against Farmington State Bank, a financial institution associated with the now-defunct cryptocurrency exchange FTX. According to a statement released on February 6th, the Fed stated that Farmington has shut down its operations and is no longer functioning as a bank. As a result, the Federal Reserve terminated its actions against Farmington and its holding company, FBH Corporation. Previously known as Moonstone, Farmington State Bank received approximately $11.5 million from Alameda Research, a sister company of FTX, through FBH Corporation in March 2022. In August 2023, the Fed declared the enforcement action in order to wind down operations and protect depositors. Following the collapse of FTX in November 2022, Farmington announced its plans to leave the crypto space and return to its original purpose as a community bank. The Fed's enforcement action and its termination did not explicitly mention FTX or Alameda. On January 31st, the Fed announced that interest rates would remain at 5.25%-5.50%, which sometimes leads to fluctuations in the price of cryptocurrencies like Bitcoin (BTC). Read more AI-generated news on: https://app.chaingpt.org/news