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Fintech Yotta fined $1 million for Synapse deception

21st May 2026 Church News.

Reverberations from the collapse of US banking-as-a-service vendor Synapse are continuing to be felt, with fintech Yotta facing a financial penalty of $1 million for parking customer funds with Synapse, while falsely maintaining that accounts were insured by the Federal Deposit Insurance Corporation (FDIC).