Quick Breakdown
- •LevelField secures conditional approval to acquire Burling Bank and awaits final approval from the Federal Reserve.
- •Planned services include Bitcoin-backed loans, crypto rewards cards, and digital asset custody under an FDIC-insured charter.
- •Banking regulators remain cautious amid concerns that stablecoins could divert trillions of dollars away from traditional banks.
Regulatory Greenlight and Branding Plans
Digital asset-driven fintech company LevelField Financial has secured conditional regulatory approval to acquire Chicago-based Burling Bank. This marks one of the most notable crypto-banking deals to emerge in recent months.
The approval was issued by the Illinois Department of Financial and Professional Regulation, allowing the acquisition process to advance. At the same time, the firm awaits final clearance from the Federal Reserve Board of Governors. Once approvals are complete, Burling Bank will officially transition into LevelField Bank.
More detail on the LevelField Bank approval in our press release. The bank will serve consumer and business customers across the USA. LevelField Bank will be a subsidiary of LevelField Financial — Gene A. Grant II (@Genegr2) November 17, 2025
In a company statement, LevelField announced that the acquisition positions it to become the first FDIC-insured, chartered US bank capable of delivering crypto-integrated financial services nationwide across all states and territories. The terms of the acquisition were not disclosed.
LevelField's Planned Offerings
The rebranded institution intends to launch round-the-clock, year-round crypto-banking services. These services will include Bitcoin-secured lending products, crypto-linked rewards debit and credit cards, and digital asset trading and custody solutions.
Burling Bank currently operates as a small community-focused commercial bank with approximately $196 million in total assets and $158 million in customer deposits, according to Visbanking data. LevelField CEO Gene A. Grant II stated that the firm will focus heavily on underserved and underbanked sectors, while leveraging the security and supervision of the US-regulated banking infrastructure.
“Today’s approval is a major milestone. I am grateful to our investors and partners for supporting the disciplined journey required to meet supervisory standards that protect consumers and businesses while maintaining America’s global leadership in banking.”
Grant added:
“I am grateful to our investors and partners for supporting the disciplined journey required to meet supervisory standards that protect consumers and businesses while maintaining America’s global leadership in banking.”
Growing Crypto Banking Tensions in the US
This development arrives at a time when the relationship between crypto firms and traditional banks remains strained, despite growing institutional interest in digital assets.
US banking bodies have repeatedly warned that the mainstream use of yield-generating stablecoins might draw significant deposits away from banks, thereby weakening their ability to fund personal and business loans.
These concerns were echoed by the US Treasury Department, which estimated earlier this year that widespread stablecoin adoption could pull more than $6.6 trillion out of the banking sector.