• Caitlin Long, the CEO of Custodia Bank, has handed over evidence to law enforcement agencies in the United States of probable crimes committed by a big crypto firm.
• She warns that banks expressly serving the crypto industry are facing risks due to corruption and fraud.
• Despite crackdowns from regulators, she believes cryptocurrencies will continue to exist as “internet-native” money.
Caitlin Long’s Evidence to Law Enforcement
Caitlin Long, the founder and CEO of Custodia Bank, revealed on Feb 17th that she handed over evidence to law enforcement agencies in the United States of probable crimes committed by a big crypto firm. She warned regulators of the risks banks expressly serving the crypto industry were facing due to corruption and fraud.
Custodia Bank’s Business Model
Custodia Bank is based in Wyoming and specializes in crypto asset payment while also offering custody services for commercial clients in the United States. It has been engaged in the industry since it launched in 2020 with Caitlin as its CEO.
Fighting Corruption in Crypto
Long stated that fighting corruption in crypto is not a partisan issue and that if we want it be free from corruption or fraud, then we must let law take its course without engaging in politics. However, her bank was denied federal regulation licenses for their ‘novel business model’ which presents safety risks according to Federal Reserve Board’s statement last January 2023.
Cryptocurrencies Here To Stay
Despite regulatory intervenes across different countries intended to protect investors, Caitiln believes cryptocurrencies won’t be ‘uninvented’ but rather they will continue existing as ‘internet-native’ money even if there is opposition towards them.
In conclusion, although some governments may try to control or regulate cryptocurrency trading activities, Long insists that this technology isn’t going anywhere anytime soon – it’s here to stay!