Evolve Bank & Trust
Evolve
Evolve Bank is a long-established, battle-tested BaaS provider with $1.75B in assets. Its risk profile is very high, however, marked by a Fed enforcement action, a data breach, involvement in the Synapse crisis and the arrest of its CEO by the FBI in 2025, so alternatives are worth considering.
Data & conditions
| Service type | Card issuing / BaaS |
|---|---|
| Pricing model | Not disclosed |
| Card networks | Mastercard, Visa |
| Card types | debit, credit, prepaid |
| Fiat rails | ACH, Wire |
| Stablecoins | USDC |
| Processed volume | $104B |
| Fund custody | Self-custody (funds in your control) |
| KYC | Full |
| Supported countries | US · 1+ countries |
| Regulator | FDIC/OCC |
| OAM Italy registration | No |
| Segment | B2B |
| Past incidents | [object Object] · [object Object] · [object Object] · [object Object] |
| MiCA / License status | Bank Charter OCC (US) — sotto enforcement action |
Strengths
- track record BaaS collaudato; $1,75B assets.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
Weaknesses
- ⚠️ Enforcement Fed; data breach; crisi Synapse; CEO arrestato FBI 2025. high risk.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (OCC (US) — sotto enforcement action): reporting to authorities and freezes on order.
Verdict
The low rating (tier C) is entirely explained by the risk profile: despite $1.75B in assets and a long track record, Evolve stacks up a Fed enforcement action, a data breach, involvement in the Synapse crisis and the FBI arrest of its CEO in 2025. For the protection lens this is the worst possible combination, and the advice is to consider alternatives.
Through this lens Evolve is worth little regardless of the scandals: it is a regulated bank with full KYC and intermediated custody, outside any self-custody, trustless logic. The data breach and the Synapse affair, if anything, are a reminder that entrusting your funds to an intermediary carries exactly the risks crypto sovereignty aims to remove.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
What service does Evolve Bank & Trust offer?
Evolve Bank & Trust is a Card Issuing & BaaS service with BIN sponsorship pricing.
What compliance does Evolve Bank & Trust hold?
Compliance certifications are not publicly documented.
How much does it cost to integrate Evolve Bank & Trust?
Pricing model: BIN sponsorship. Per-unit fees are not published: they depend on volume and contract.
Does Evolve Bank & Trust support stablecoins?
Supported stablecoins are not documented.
Who is Evolve Bank & Trust for?
Target: B2B. SDKs and integrations are not publicly documented.
Sources
- Official service page Pricing model · Compliance · Volume · Founders · +10 Data verified on Jun 14, 2026
- crunchbase.com Legal name Data verified on Jun 14, 2026
- federalreserve.gov Past incidents Data verified on Jun 14, 2026
- pitchbook.com Latest funding round Data verified on Jun 14, 2026
Show 1 more source
- todaysgeneralcounsel.com Past incidents Data verified on Jun 14, 2026