The State of Texas has decreed the termination of the operations of a Bank of crypto-currencies

This week, the commissioner of the department of bank of Texas, Charles G Cooper, issued an order of cessation to an alleged bank of crypto-currencies, decentralized, called Arise Bank. The commissioner explained that its operations must stop.

Arise Bank confirms a partnership with FDIC Bank

In December, some titles have begun to meet on the web about a partnership between Arise, the Bank and the FDIC Bank, which is an institution that dates back more than 100 years in the United States. Arise Bank has seen the light of day thanks to an ICO. These stories were published first on Huffington Post, but they have been removed then. A copied version of the story still appears on the financial website Zerohedge. Arise Bank claims to be a bank of crypto-currency decentralized, which provides financial management services, credit cards, and a ICO. Arise, the Bank would have in addition links with the community Bitshares and the well-known developer Stan Larimer has also relayed this information on Steemit.

Check out below the details of this case :

Unfortunately for Arise Bank, there has been a lot of people that have put in doubt the legitimacy of his services, and they report that the majority of its so-called operations are non-existent.

The Cessation of operations of Arise Bank

The department of banking Texas now wants that Arise Bank ceases its operations and indicates that this start-up has violated the statutes financial of the State. According to the commissioner, Arise Bank infringed the chapter 31 of the Code of finance Texas using the term “Bank” in its name, and its documents marketing.

Arise Bank is also required to disclose clearly that it does not offer its services to the consumers of Texas, ” said Charles G Cooper. In accordance with sections 31.005 and 35.207 of the financial Code of Texas, it is ordered the defendants to cease any activity that is related to banking transactions.

Source : NewsBitcoin