PANews, June 22 – According to a report by CryptoSlate, the community banking organization ICBA has sent a letter to the Federal Reserve Bank of Kansas City, requesting a reassessment of Kraken Financial’s compliance before its one-year limited-purpose Fed account expires, and urging consideration of further restrictions or termination. The ICBA believes the account has not adequately addressed anti-money laundering and fraud risks associated with crypto-linked entities, citing FBI data that shows approximately 13,500 crypto ATM-related complaints in 2025, with losses totaling around $389 million.

Kraken obtained the account in March of this year, granting access to the Federal Reserve’s core payment system, Fedwire. The Kansas City Fed holds discretionary authority over the account’s conditions and renewal, and has not yet initiated termination proceedings.