According to the press release of January, 26th Texas Banking Commissioner Charles G. Cooper issued a Cease & Desist Order relating to the acclaimed cryptocurrency bank Arisebank. The order was based on the Commissioner’s finding that AriseBank used the term “bank” in the name and marketing to imply that it operates in banking business of Texas. In addition to stop this implication, the bank is required to clearly state that it doesn’t offer services to the customers of Texas.
The bank was given a chance to request a hearing and was given 20 days after the Order was mailed. But the request was not submitted. And so the Order is now final and non-appealable.