FameEX Hot Topics | US Regulator: Crypto Industry 'Debanked' by 9 Major Banks

The Office of the Comptroller of the Currency (OCC) released preliminary findings on Wednesday revealing that nine of the largest U.S. banks restricted financial services to cryptocurrency and other industries between 2020 and 2023. The regulator described these actions as “inappropriate distinctions” among customers based on their lawful business activities. Banks either imposed outright policies limiting access to services or mandated heightened reviews and approvals before onboarding certain clients. The OCC emphasized that such practices undermined fair access to banking, potentially warranting further scrutiny.

The review was prompted by an August executive order from President Donald Trump, which directed federal agencies to investigate whether banks had “debanked” or discriminated against individuals and businesses on the basis. Acting Comptroller Jonathan Gould criticized the banks sharply, stating it was “unfortunate” that the nation’s largest institutions believed these “harmful debanking policies” were justified under their government-granted charters and market dominance. He noted that many policies were implemented openly, some even publicly announced, yet banks continued to deny engaging in debanking.

The OCC’s examination focused on the country’s biggest national banks: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. Crypto emerged as one of several sectors affected, alongside other industries deemed controversial. The regulator highlighted how these restrictions could stifle innovation and lawful commerce, raising concerns about the misuse of banking power in a regulated system meant to serve all legitimate customers equally.

While the findings remain preliminary, the OCC stated that its investigation is ongoing and could result in referrals to the Department of Justice for potential enforcement action. Gould’s remarks underscore a broader pushback against perceived overreach by financial institutions, signaling possible regulatory or legal consequences.

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