Crypto firm LevelField secures Illinois approval to buy Chicago bank
18.11.2025
1818
LevelField could become the first crypto-friendly FDIC-insured bank to offer crypto services after receiving approval from the Illinois financial regulator to acquire Burling Bank.
Crypto firm LevelField secures Illinois approval to buy Chicago bank
LevelField Financial just scored conditional approval from Illinois regulators to acquire Chicago's Burling Bank — potentially becoming the FIRST FDIC-insured bank to offer crypto services nationwide. This is massive for crypto-banking integration.
The newly-branded LevelField Bank plans to launch 24/7 crypto services including Bitcoin-backed loans, Bitcoin rewards credit/debit cards, and digital asset trading/custody. They're still waiting on Federal Reserve approval to become a bank holding company.
"Today's approval is an important milestone for LevelField. I am grateful to our investors and partners for backing the patient, disciplined work it took to meet the necessary supervisory standards that protect consumers and businesses and make the US the home of the world leading banking system."
Crypto industry’s relationship with banks remain tense
This deal comes amid ongoing friction between crypto and traditional banking. US banks are sweating that yield-bearing stablecoins could drain deposits from their system — the lifeblood for loans and savings products.
Stablecoins could force $6.6 trillion to leave banking system
The US Treasury Department dropped a bombshell in April — widespread stablecoin adoption could trigger over $6.6 TRILLION in deposit outflows from traditional banks. That's not pocket change.
The Federal Reserve remains cautious after the 2023 collapses of crypto-friendly banks Silvergate, Silicon Valley Bank, and Signature Bank. This LevelField deal represents a major step toward rebuilding those bridges.
#banking services in crypto#Cryptocurrency banks#regulation#stablecoins#USA
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