Office of the Comptroller of the Currency: Nine major US banks have implemented "debanking" measures against the cryptocurrency industry

Deep Tide TechFlow News, December 11 — According to Cointelegraph, the Office of the Comptroller of the Currency (OCC) preliminary investigation results show that the nine largest banks in the United States have imposed financial service restrictions on politically sensitive industries, including cryptocurrencies, from 2020 to 2023.

The OCC stated that these banks “made improper distinctions based on legitimate business activities of customers,” either by implementing policies that restrict banking access or by requiring enhanced review and approval before providing financial services. In addition to cryptocurrencies, restricted industries include oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, as well as the adult entertainment industry.

Regarding the cryptocurrency industry, the banks’ restrictions involve “issuers, exchanges, or administrators, usually due to financial crime considerations.” The examined banks include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.

The OCC said it will continue its investigation and may submit the findings to the Department of Justice.