FDIC Emails on Crypto Bank Account Management

From: XXXXX
Sent: Wednesday, August 30, 2023 12:55 PM
To: FDIC San Francisco Regional Office
Cc: XXXXX, Clark, Perissa Ali; XXXXX
Subject: RADD Room
Categories: XXXXX Category

a. Include email: Yes
b. Institution Name: XXXXX
c. City: XXXXX
d. State: XXXXX
e. Division: RMS
f. Folder: Correspondence
g. Source: Bank
h. Doc Name: Miscellaneous from Bank
i. Description: 8-30-23 / XXXXX Deposit Account Update

From: XXXXX
Sent: Wednesday, August 30, 2023 10:54 AM
To: Clark, Perissa Ali XXXXX@FDIC.gov
Cc: XXXXX, XXXXX, XXXXX, XXXXX
Subject: RE: [EXTERNAL MESSAGE] RE: XXXXX / SECURE MAIL

Hi All –

I wanted to circle back on this and close the loop.

We XXXXX through an additional 30+ days of additional enhanced due diligence and have concluded that we will not be opening the accounts (unless significant future structural changes occurred at their company). We are in the process of notifying XXXXX of our decision.

XXXXX

From: XXXXX
Sent: Monday, July 17, 2023 9:15 AM
To: 'Clark, Perissa Ali' XXXXX@FDIC.gov
Cc: XXXXX
Subject: RE: [EXTERNAL MESSAGE] Re: XXXXX SECURE MAIL

Hi All – one additional factor that I wanted to share is the following, perhaps you are already aware of this:

See image below XXXXX became a crypto only platform ending their XXXXX from their platform. This is a significant change and does impact some of the risk of the situation and further demonstrates that these funds will be corporate only funds.

XXXXX

From: XXXXX
Sent: Wednesday, July 12, 2023 1:23 PM
To: 'Clark, Perissa Ali' XXXXX@FDIC.gov
Cc: XXXXX
Subject: RE: [EXTERNAL MESSAGE] RE: XXXXX SECURE MAIL

Hi All-

Could we please re-open a proactive collaborative discussion relative to XXXXX

We do not want to consider future relationship with XXXXX without the full mutual understanding / collaboration with the FDIC and XXXXX

As an update, see attached recently received by the Bank from XXXXX Generally, the attached discusses the following:

XXXXX

Based on the above, XXXXX is eagerly seeking an operating deposit bank relationship in conformance with the parameters of the XXXXX XXXXX XXXXX

Looking forward to your thoughts, guidance, and open discussion.

When can we meet?

Thanks

XXXXX

From: Clark, Perissa Ali XXXXX@FDIC.gov
Sent: Friday, June 9, 2023 5:04 PM
To: XXXXX
Cc: XXXXX
Subject: RE: [EXTERNAL MESSAGE] Re: XXXXX SECURE MAIL

ALERT: This is an external email.
Use caution when interacting with contents or sender of this email.

Thank you so much for the update, and have a great weekend!

From: XXXXX
Sent: Friday, June 09, 2023 4:01 PM
To: XXXXX
Cc: XXXXX
Subject: RE: [EXTERNAL MESSAGE] XXXXX SECURE MAIL

Perissa,

We received confirmation from XXXXX this morning that the wire had been posted to the instructed beneficiary account at XXXXX. There were no messages received today from XXXXX indicating it was being returned. Given that the wire was received by XXXXX yesterday, posted to the beneficiary account, with no return sent by close of the XXXXX today...we deem the wire to have been accepted.

Thanks,

XXXXX

From: XXXXX Sent: Thursday, June 8, 2023 7:21 PM To: XXXXX; Clark, Perissa Ali XXXXX@FDIC.gov Cc: XXXXX; XXXXX; XXXXX

Subject: Re: [EXTERNAL MESSAGE] Re: XXXXX / SECURE MAIL

Perissa,

The wire was sent around 2:00 pm MST today and we were advised that XXXXX was aware of the funds being sent. We do not anticipate it being returned, based on this knowledge, but will certainly keep you apprised. As of close of business we had not received any wire messages indicating a rejection.

Thanks

XXXXX Chief Operating Officer

Get Outlook for iOS

From: XXXXX Sent: Thursday, June 8, 2023 8:49:50 PM To: Clark, Perissa Ali XXXXX@FDIC.gov Cc: XXXXX; XXXXX; XXXXX

Subject: Re: [EXTERNAL MESSAGE] Re: XXXXX / SECURE MAIL

XXXXX can comment on that. It is gone, so unless rejected, they have it.

From: Clark, Perissa Ali XXXXX@FDIC.gov Sent: Thursday, June 8, 2023 8:46:25 PM To: XXXXX Cc: XXXXX; XXXXX; XXXXX

Subject: RE: [EXTERNAL MESSAGE] Re: XXXXX / SECURE MAIL

ALERT: This is an external email. Use caution when interacting with contents or sender of this email.

Thank you so much. When the information is available, please advise if XXXXX accepts the wire.

Thanks again,

Perissa Clark
XXXXX

From: XXXXX
Sent: Thursday, June 08, 2023 5:34 PM
To: Clark, Perissa Ali XXXXX@FDIC.gov
CC: XXXXX
Subject: Re: [EXTERNAL MESSAGE] Re: XXXXX / SECURE MAIL

Hi Perissa

XXXXX had it overnight, then returned it to us today.

We worked with XXXXX and they asked us to wire it to XXXXX. So it was back with us for about an hour or two before going to XXXXX.

XXXXX our COO if more information is needed.

Thanks

XXXXX

From: Clark, Perissa Ali XXXXX@FDIC.gov
Sent: Thursday, June 8, 2023 7:39:11 PM
To: XXXXX
CC: XXXXX
Subject: RE: [EXTERNAL MESSAGE] Re: XXXXX SECURE MAIL

ALERT: This is an external email.
Use caution when interacting with contents or sender of this email.

Hello, I wanted to follow up to confirm whether XXXXX accepted the wire from XXXXX on behalf of XXXXX.

Please advise.

Thank you and regards,

7

Perissa Ali Clark
Assistant Regional Director, Risk Management Supervision
Federal Deposit Insurance Corporation
25 Jessie Street at Ecker Square
San Francisco, California 94105
Office: 415-808-8032
Cell: XXXXX
XXXXX@FDIC.gov

Confidentiality Notice: This electronic correspondence is confidential and may not be disclosed or made public in any manner. Additional information regarding these confidentiality restrictions may be found in Part 309 of FDIC Rules and Regulations. Please notify us immediately if you receive a subpoena or other legal process which calls for the production of this electronic correspondence.

From: XXXXX
Sent: Wednesday, June 07, 2023 10:29 AM
To: Clark, Perissa Ali XXXXX@FDIC.gov
Cc: XXXXX
Subject: [EXTERNAL MESSAGE] Re: XXXXX SECURE MAIL

CAUTION: External email. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Apologies, I should have added that the accounts for XXXXX have been closed.

From: XXXXX
Sent: Wednesday, June 7, 2023 1:01:39 PM
To: Clark, Perissa Ali XXXXX@FDIC.gov
Cc: XXXXX
Subject: Re: XXXXX SECURE MAIL

Hello All,

Please take this as confirmation that within the last 30 minutes all XXXXX funds were exited by us from XXXXX. They were all sent in one wire to XXXXX at the instructions of XXXXX.

CONFIDENTIAL COMMUNICATION: Emails and attachments from XXXXX contain strictly privileged and/or confidential information intended only for the use of the individual or entity named above. If you are not the intended recipient you are hereby notified that any dissemination, distribution or copying of this communication is prohibited. If you have received this communication in error, please delete this electronic message and all attachments. Thank you.