Alt5 Sigma suspended Peter Tassiopoulos just two months after the company announced a $1.5 billion deal involving the Trump-backed World Liberty Financial.

Last week the US Department of Justice charged him with running scam compounds in Cambodia that stole billions in cryptocurrency from victims all over the world. The US Treasury Department has confiscated more than $14bn (£10.5bn) worth of bitcoin that it says is linked to him - it said this was the largest ever crypto-currency seizure.

Crypto.com became the latest cryptocurrency firm to pursue a US bank charter as it seeks to further its custody-service business for products such as digital-asset treasuries and exchange-traded funds.

Collins asks Trump about his decision to pardon founder of crypto exchange Binance

So far this year, billions of dollars have flowed into companies that have reinvented themselves by making the buying and holding of cryptocurrency their main focus.

FireBunnyUSA operated for three years, shipping over 10,000 packages of illicit drugs while using crypto to obscure millions in proceeds.

JPMorgan Chase & Co. plans to allow institutional clients to use their holdings of Bitcoin and Ether as collateral for loans by the end of the year in a significant deepening of Wall Street’s crypto integration.