Levelfield Bank Wins Illinois OK to Offer FDIC‑Insured Crypto Services Nationwide
The Illinois Department of Financial and Professional Regulation has granted Levelfield Financial conditional approval to acquire Burling Bank, enabling the firm to transform the charter into a vehicle for FDIC‑insured banking combined with digital asset services. The decision is conditional, meaning Levelfield still needs to satisfy remaining regulatory requirements and obtain any necessary federal approvals before fully operating as an FDIC‑backed crypto bank.
If finalized, the deal could broaden access to insured deposit services for crypto companies and customers by providing a federally insured on‑ramp that pairs traditional banking protections with custody and other digital asset offerings. The approval is a notable regulatory milestone in the expanding convergence of crypto and conventional finance, but market participants will watch timelines for FDIC sign‑off, integration plans, and whether this sets a template other crypto firms will follow.