The FTX chapter uncovered some unusual property, and their relationship with Farmington State Financial institution is elevating questions.
Farmington State Financial institution in Washington State has now modified its title to Moonstone Financial institution. In March this yr, Alameda Analysis invested US$11.5 million in its father or mother firm FBH and purchased shares within the financial institution. At present, the financial institution has one department and US$84 million in deposits, of which US$71 million is saved in 4 accounts.
It’s unclear how FTX could be allowed to purchase a stake in a U.S.-licensed financial institution, as such actions should be authorized by U.S. federal regulators, and banking veterans stated it was exhausting to imagine regulators would intentionally permit FTX to take management of a U.S. financial institution.
It’s reported that the chairman of FBH, the father or mother firm of Farmington State Financial institution, is Jean Chalopin, who can also be the chairman of Deltec Financial institution, and the reserves of Tether, the USDT issuer, are saved in Deltec Financial institution. Neither Deltec Financial institution nor Farmington State Financial institution responded to requests for touch upon the matter.