[Crypto Company LevelField Receives Approval from Illinois to Acquire Burling Bank] According to Bloomberg, LevelField Financial Inc. announced that it has received approval from the Illinois Department of Financial and Professional Regulation to acquire Chicago-based Burling Bank and transform it into a full-service bank offering cryptocurrency services. The deal still requires approval from the Federal Reserve Board. According to CEO Gene Grant II, LevelField aims to complete the transaction by the end of the year, pending regulatory approval and fulfillment of other closing conditions. Based on the application submitted to the Federal Reserve, LevelField has agreed to spend up to $70 million to acquire the bank. This marks the second attempt at a merger between the two parties. Back in early 2023, just before the collapse of Silvergate and Signature Bank, LevelField had tried to acquire Burling Bank. A year later, they withdrew the acquisition proposal, but after Donald Trump was elected President of the United States in December 2024, they renewed their efforts to acquire the bank. The merged entity will retain Burling Bank's primary community banking operations, with a new focus on providing deposit accounts, loans, and custody services tailored to digital assets, such as term loans and credit cards secured by Bitcoin or Ethereum.