Back

OCC Finds Major US Banks Restricted Services to Crypto and Other Sectors

The OCC (U.S. banking regulator) identified nine banks implementing stricter account and service measures on politically sensitive industries between 2020 and 2023.

Summary

The OCC (U.S. banking regulator) has completed a preliminary investigation revealing that nine major U.S. banks imposed restrictive measures on politically sensitive sectors, including cryptocurrency businesses, between 2020 and 2023. These actions included limiting access to accounts, restricting services, and requiring higher-level approvals. The agency is considering escalating the matter to the DOJ (U.S. Department of Justice) for further investigation.

Terms & Concepts
  • OCC (U.S. banking regulator): The Office of the Comptroller of the Currency, which supervises national banks and federal savings associations in the United States.
  • DOJ (U.S. Department of Justice): The federal executive department responsible for enforcing the law and defending the interests of the United States according to the law.
  • Cryptocurrency sector: Businesses and activities related to digital currencies and blockchain technology, including exchanges, wallets, and related financial services.