FTX Saga Ends: Fed Clears Farmington Bank

Farmington State Bank’s Enforcement Action Terminated by Federal Reserve

The Federal Reserve has officially ended the enforcement action against Farmington State Bank, a former financial institution associated with the defunct cryptocurrency exchange FTX. The bank’s operations and links to cryptocurrencies, particularly through FTX’s trading arm Alameda Research, had been under federal scrutiny. The termination of the enforcement action by the central bank signals the end of a chapter that began in July 2023.