OCC review finds nine major banks restricted crypto accounts over financial crime risks
A review by the Office of the Comptroller of the Currency found that nine large banks historically restricted digital asset clients, citing financial crime concerns, though the agency could not estimate the full extent of debanking.
A 47-page report from the U.S. Office of the Comptroller of the Currency revealed that nine major banks have historically imposed restrictions on digital asset businesses, according to BSCN. Financial institutions frequently cited financial crime risks and anti-money laundering and sanctions compliance as justification for curtailing access.[1][2][3]
Although large banks have eased some restrictions surrounding digital asset activities, the regulator stated that it remains unclear whether these policy updates have improved access to financial services, The Block reported. The OCC warned that operational limitations and assessments can still effectively shut out certain crypto businesses, with lenders retaining the discretion to decline customers on objective, risk-based grounds.[2][3][4]
The OCC admitted it could not quantify the overall scope of debanking across the sector, and its report did not provide specific examples of crypto debanking. The findings follow allegations from more than 30 technology and cryptocurrency executives in November 2024, who complained that banks had refused to serve them solely due to their ties to the digital asset industry.[1]
Key facts
- The OCC analyzed nine large banks in a 47-page review of digital asset account access.
- The review found that the banks historically restricted crypto customers, often citing financial crime concerns.
- Major banks have eased some restrictions on digital asset activities, but the OCC stated it remains unclear if access has improved.
- Banks can still reject customers on objective, risk-based grounds, leaving smaller crypto firms without guaranteed banking access.
- The OCC could not assess the total scope of debanking and provided no specific examples of crypto debanking in the report.
- More than 30 tech and crypto executives had complained in November 2024 that banks refused them service due to their industry connections.
Sources · 4 sources
- BS
BSCN@BSCNewsPost on X ·
OCC Report Falls Short of Proving Crypto Debanking Claims The US Office of the Comptroller of the Currency says banks restricted some digital asset businesses. Institutions often cited financial crime concerns, according to the report. But the OCC could not estimate the total scope of debanking. The 47-page document analyzed nine big banks but provided no examples of crypto debanking. Earlier, crypto executives accused banks of refusing them banking services because of their industry connections. More than 30 tech and crypto executives made similar complaints in November 2024.
Open source - CR
CryptoSlateArticle ·
9 mega banks block crypto accounts, but new OCC rules bite back New OCC findings put crypto restrictions in a nine-bank record, while AML, sanctions and operational assessments still shape access. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
The OCC’s nine-bank review found historical crypto restrictions, often citing financial crime risk. Banks can still decline customers on objective, risk-based grounds, so smaller crypto firms have no guaranteed access. Analysis by @akibablade https://t.co/kzWZTj4DpZ
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: A new report from the U.S. Office of the Comptroller of the Currency found that major banks have relaxed some restrictions on digital asset activities but said it remains unclear whether the changes have improved access to financial services. The regulator warned that operational limitations could still effectively exclude certain digital asset businesses.
Open source