OCC Finds Major US Banks Restrict Services to Legal Crypto Businesses

The Office of the Comptroller of the Currency said on Dec. 11 that some of nine large U.S. banks restrict or deny services based on lawful activity such as crypto, rather than financial risk. The review covered JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One Financial, PNC Bank, TD Bank and Bank of Montreal, with at least some imposing special limits or heightened scrutiny. The agency said the Dec. 11 release is only a first phase, with thousands of complaints still under review, and Comptroller Jonathan V. Gould said it aims to end the "weaponization of finance" while planning to hold banks accountable. Last month the OCC confirmed major banks may hold crypto on balance sheets to pay blockchain fees for other permitted activities, and on Dec. 10 it said banks can process "riskless principal transactions" tied to crypto assets.