The Federal Reserve has terminated an enforcement action with Farmington State Bank, which had ties to collapsed crypto exchange FTX.

The central bank said in August that Washington-based Farmington State Bank and its holding company FBH Corporation changed its business plan without letting supervisors know. 

"The Board's enforcement action, which has been in effect since July 2023, ensured the bank's operations would wind down in a manner that protected the bank's depositors. Farmington has completed its wind down plan and no longer functions as a bank," the central bank said on Tuesday in a statement. 

The Federal Reserve also announced the termination of two enforcement actions with BNP Paribas in Paris, France on Tuesday. 

FTX ties

Farmington, which used to do …