Several major cryptocurrency companies, including Coinbase, Circle, Paxos, and BitGo, are planning to apply for banking or financial licenses to enhance their integration with the U.S. banking system. This move comes after the 2022 collapse of FTX and the closure of two crypto-friendly banks, which left the industry disconnected from traditional finance. With regulatory pressure on the rise, these companies are looking to secure more formal ties to the established financial sector.
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