Crypto โFirm LevelField Secures Illinois Approval to Acquire Burling Bank
CHICAGO – November 17, 2025 – LevelField โFinancial has received approval from the Illinois Department of Financialโ and professional Regulation (IDFPR) to acquire Chicago-based Burling Bank, the companies announced Monday. LevelField intends to โฃrename theโข bank LevelFieldโค Bankโ and operate as a full-service, Federal deposit โคInsurance Corporation โข(FDIC)-insured banking institution offering both traditional banking and digital assetโ services nationwide, includingโ U.S. โterritories.
The acquisition marks aโ renewed effort by LevelField to establish a national banking presence. The company initially filed to acquire Burling Bank in February โฃ2023 but withdrewโข that filing in February โค2024, according to the IDFPR’s Regulatory Report 2024. A second filing was submittedโฃ in December 2024.
Followingโค the closing of the transaction, LevelField Bank โplans to โoffer a range โof products and services, including loans and credit cards collateralized by Bitcoin, โฃBitcoin rewards credit and debit cards, digital asset trading and custody, and banking programs tailored to โฃ”underrepresented industries” like the digital asset sector.
“LevelField Bank was designed to meet the needs of the bitcoin and digital asset community,” said LevelField Financial CEO Gene A. Grant II in a press release. “We’re among the first full-service FDIC-insured banks to receive approval to offer digital โขasset bankingโ services, andโค we will seek to offer a best-in-class, true 24ร7 bank delivering real-time โคpayment and banking functionality for customers, including historically underbanked businesses.”
Bloomberg reported โขthe initialโค filing withdrawal followed the collapse of crypto-pleasant banks Silvergate Capital and Signature Bank. The second filing reportedly came after the election of โPresidentโค Donald Trump, who has stated his intention to make the United States theโข “crypto capital.”
Burling Bank did not immediately respond to a request forโค comment. LevelField โFinancial first announced its plans to โฃbecome a chartered bank offering โboth traditional and digital asset services in a february 2023 press release, initially anticipating the transaction โto close byโ the end of 2023.
