Crypto among sectors ‘debanked’ by 9 major banks: US regulator
Nine major US banks restricted services to sectors like crypto between 2020 and 2023, according to preliminary OCC findings.Summary
Preliminary findings from the Office of the Comptroller of the Currency (OCC) indicate that the nine largest US banks restricted financial services to politically contentious industries, including cryptocurrency, between 2020 and 2023. The regulator found that these banks made "inappropriate distinctions among customers" based on lawful business activities, either by implementing restrictive policies or requiring escalated reviews. The review, initiated after an executive order from President Donald Trump, examined JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. Besides crypto, restricted sectors included oil and gas, coal mining, firearms, and tobacco. The OCC stated that actions against crypto were often attributed to financial crime considerations. Comptroller Jonathan Gould criticized these "harmful debanking policies." However, policy analysts noted the report failed to mention regulators' reputation assessments or explicit guidance from the FDIC telling banks to avoid certain companies, suggesting the OCC's findings "leave much to be desired."
(Source：Cointelegraph)