US banking group urges Fed to reconsider Kraken's account

The Independent Community Bankers of America (ICBA) has urged the Federal Reserve Bank of Kansas City to reconsider the Fed account held by crypto exchange Kraken, Cryptoslate reported. The ICBA stated that Kraken Financial's one-year special purpose account, which is approaching its renewal date, should be re-evaluated for risks related to fraud, anti-money laundering (AML), legal issues, and the precedent it sets. The association has called for a review that could lead to additional restrictions, non-renewal, or termination of the account. Kraken had previously been approved for the one-year limited-purpose account following a three-stage review by the Fed.