The post Crypto firm LevelField wins regulatory nod to acquire Burling Bank appeared on BitcoinEthereumNews.com.

LevelField Financial, a digital-asset fintech company, got conditional approval from the Illinois Department of Financial and Professional Regulation (IDFPR) to acquire Chicago’s Burling Bank, according to the company’s announcement on Monday.  If approved, the deal would transform Burling Bank into LevelField Bank, a fully FDIC-insured banking service offering both traditional and crypto-integrated banking services in all U.S. states and territories. Gene A. Grant II, CEO of LevelField Financial, stated that obtaining approval marked a significant milestone for LevelField and represented a crucial step in introducing crypto services to regulated banking. He also stated that the company remains committed to stringent supervisory standards while increasing access to digital assets for users and companies.  Despite receiving approval from the Illinois regulator, the fintech company is still waiting for confirmation from the Board of Governors of the Federal Reserve to become a bank holding company. After the last step is completed, LevelField Bank can fully operate in accordance with federal banking rules, while also introducing digital assets into its products.  Burling Bank is a relatively small commercial bank holding around $196 million in net assets and $158 million in customer deposits, according to Visbanking data. LevelField plans to utilize the bank’s foundation to develop a cutting-edge digital crypto-banking platform. LevelField plans 24/7 crypto banking LevelField Bank wants to integrate its traditional and digital assets into a single, 24/7 banking service. Soon enough, customers could eventually gain access to Bitcoin-backed loans, credit, and debit cards that reward users with Bitcoin, as well as services such as digital-asset trading and custody.  In particular, the bank will focus on underbanked industries, including small businesses and sectors with limited access to conventional banking services. Grant II stated that all services will be underpinned by U.S. banking rules, providing a level of both security and legal oversight not…

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Filed under: News - @ November 18, 2025 2:23 am