Bitcoin Bank Custodia Sues The Federal Reserve

  • Bitcoin bank Custodia is suing the Federal Reserve for delays in the approval process to acquire a “Master Account.”
  • Having a master account allows the bank access to greater capacity for products and services while significantly reducing costs.
  • The process has been delayed 19 months and the Federal Reserve states that applicants are typically decided on within “5-7 business days.”

Custodia, the bitcoin bank formerly known as Avanti, is suing the Federal Reserve for “patently unlawful” delays towards the bank’s application to become a “Master Account,” under the central bank, according to a report from Forbes.

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