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US regulators tighten bank security after Binance hack

US regulators tighten bank security after Binance hack

Binance said it was unaware of discussions between banks and regulators but remained in close contact with regulators worldwide over the security breach.

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Federal Reserve and OCC officials contacted banks to assess potential vulnerabilities following last week's $6.3-billion hack of cryptocurrency exchange Binance, amid concerns that cyberattacks on crypto platforms could spill over into traditional financial systems.

Supervisors began contacting banks, asking about unusual activity or disruptions to their services, according to sources familiar with the matter.
Banks have also launched internal security reviews and system diagnostics to assess their preparedness for similar attacks. Cybersecurity teams at major US banks are examining the breach and considering possible security upgrades.


Binance said it was unaware of discussions between banks and regulators but remained in close contact with regulators worldwide over the security breach. The Federal Reserve and the OCC declined to comment.
A key concern for banks is the rapid evolution of artificial intelligence, which is making it increasingly difficult for financial institutions to keep pace with sophisticated hackers. Banks are stepping up cybersecurity reviews and software updates to address emerging threats.


The checks come as US regulators have eased restrictions on banks' involvement in cryptocurrency markets under President Donald Trump, including the Federal Reserve's withdrawal of a 2022 rule requiring prior regulatory approval for certain crypto-related activities. -Agencies

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