Defense and Compliance Attorneys
Source: site
Levelfield Financial has cleared a major regulatory hurdle in its bid to offer FDIC-insured crypto services nationwide by receiving conditional approval from Illinois to acquire Burling Bank, which will be renamed Levelfield Bank. Once final approval from the Federal Reserve is secured, Levelfield aims to become the first full-service FDIC-insured bank in the U.S. to fully integrate traditional banking and digital asset services for both consumers and businesses across all states.
Key Details
-
The Illinois Department of Financial and Professional Regulation granted Levelfield conditional approval for the acquisition, positioning the company ahead of other U.S. crypto platforms in bridging conventional banking and digital assets.
-
The new Levelfield Bank plans to offer 24/7 digital asset banking alongside traditional financial products, including Bitcoin-backed loans, BTC reward credit/debit cards, crypto custody, and real-time payment services—all protected under the FDIC insurance umbrella.
-
The move is seen as a milestone for integrating crypto with the American banking system, potentially bringing new banking options to underbanked sectors and creating a safer, regulated environment for digital asset activity.
Next Steps
-
The acquisition still requires final sign-off from the Federal Reserve Board of Governors for Levelfield to become a bank holding company, and must satisfy all closing regulatory conditions before launch.
-
Once completed, Levelfield Bank will deliver a model for continuous, secure banking services, treating digital asset tools as part of mainstream financial life in the U.S.
Levelfield’s Illinois approval marks a pivotal step in regulated finance, setting a precedent for other crypto firms hoping to enter the federally insured banking space.
Upcoming Events
