Custodia Bank laying off employees as Biden admin's crypto crackdown weighs on digital asset industry

The Biden administration’s regulatory crackdown on cryptocurrency has caused a significant restructuring at a small, but high-profile crypto bank.

FOX Business has learned that Custodia Bank, a Wyoming financial institution that offers banking services to crypto companies, informed staff Thursday morning that it will lay off nine of its 36 employees in an effort to preserve capital as it battles the nation's central bank in court. 

The layoffs come as Custodia is locked in a legal...