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Based on court filings in New York and Los Angeles, the agency has asked federal judges for clearance to serve summonses to SFOX and M.Y. Safra Bank, the banking partner of SFOX, which offered customers cash deposit accounts backed by the Federal Deposit Insurance Corporation. According to documents provided by the government, the 175,000 registered users of SFOX have conducted more than $12 billion in transactions since 2015.
Earlier in 2022, SFOX was approved by the State of Wyoming for a trust charter, which allowed the firm to provide custodial and other crypto-related services to institutional clients. The charter allowed the firm to operate as the SAFE Trust Company, which serves institutional clients, private clients and advisers.
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