Crypto among sectors ‘debanked’ by 9 major banks: US regulator
The Office of the Comptroller of the Currency said crypto was one of many industries that banks had denied services to, and it could refer its findings to the Justice Department.
The nine largest US banks restricted financial services to politically contentious industries, including cryptocurrency, between 2020 and 2023, according to the preliminary findings of the Office of the Comptroller of the Currency (OCC).
The banking regulator said on Wednesday that its early findings show that major banks “made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities” across the three-year period.
The banks either implemented policies restricting access to banking or required escalated reviews and approvals before giving financial services to certain customers, the OCC said, without giving specific details.
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