Evolve Bank and Trust entered into a cease-and-desist order agreement with the Federal Reserve, which found that the bank engaged in insecure and unsound operations in some of its fintech collaborations, and lacked adequate anti-money laundering controls. Evolve has come under scrutiny due to the failure of intermediary Synapse Financial Technologies, which resulted in the freezing of many fintech users' accounts. The issue is compounded by disagreements over account amounts between Synapse and Evolve's accounts, as well as those of some fintech companies. Evolve plays an important role in the cryptocurrency ecosystem, including providing financial services to BlockFi and FTX customers. The cease-and-desist order requires Evolve to submit a more detailed compliance plan and updated due diligence procedures to ensure it has adequate customer information.