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US OCC Lifts Consent Order Against Anchorage Digital Amid Regulatory Shift

US OCC Lifts Consent Order Against Anchorage Digital Amid Regulatory Shift

The OCC confirmed Anchorage Digital has resolved prior AML compliance issues, revoking the 2022 consent order and affirming the bank’s safety and soundness in crypto custody operations.

Fact Check
The statement is definitively true and corroborated by numerous sources. The U.S. Office of the Comptroller of the Currency (OCC) itself issued an 'Order Terminating the Consent Order' against Anchorage Digital, which serves as primary evidence (Source 7). Multiple reputable news outlets, including American Banker, Law360, and Reuters-affiliated sites, reported on the termination of the 2022 order (Sources 2, 9, 14). The reason cited was Anchorage Digital's successful remediation of its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program (Source 2). The 'regulatory shift' context is supported by the framing in some articles, which describe this event as greenlighting 'a new era for digital asset banking' (Source 5).
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Summary

The U.S. Office of the Comptroller of the Currency (OCC) revoked its 2022 consent order against Anchorage Digital, a crypto custody bank, after confirming the firm resolved anti-money laundering compliance deficiencies. The OCC noted the bank’s operations are now deemed safe and sound, removing regulatory restrictions tied to the order. Anchorage continues to play a key role in providing institutional crypto custody services, including support for major ETF products.

Terms & Concepts
  • Consent Order: A legal order issued by a regulatory body to a company, typically as a result of non-compliance or violations, requiring corrective actions without admitting guilt.
  • OCC (Office of the Comptroller of the Currency): A U.S. government agency responsible for regulating and supervising national banks and federal savings associations, including their dealings with cryptocurrency firms.
  • AML (Anti-Money Laundering): A set of regulations and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.