OCC Report Links Crypto Debanking to Financial Crime Concerns, Lacks Specific Examples
OCC report finds banks restricting crypto services alongside other industries
The US Office of the Comptroller of the Currency released a report Wednesday identifying digital assets as one of several industries where banks have placed restrictions on financial services. The report was issued following a 2025 executive order from President Donald Trump aimed at preventing what he called "unlawful debanking."
The OCC found that certain banks maintain both public and private policies limiting services across multiple sectors, including oil and gas, tobacco, firearms, and digital assets. However, the 47-page report did not include specific examples of debanking related to crypto activities.
Key findings on crypto banking restrictions
- The OCC stated that many institutions restrict banking for digital asset businesses, including exchanges, issuers, and administrators, often citing financial crime concerns.
- The agency was unable to quantify the full extent of debanking or alleged debanking actions after reviewing nine major banks.
- No specific examples of crypto-related debanking were included in the report.
- OCC head Jonathan Gould focused much of the report's attention on debanking claims related to coal and firearms rather than crypto.
What the OCC report says
The report noted that "many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations."
Gould made a distinction between industries, saying debanking related to coal and firearms was not based on financial risk. Instead, he said banks cited worries about negative headlines, public protests, and reputational consequences.
Industry context
In November 2024, more than 30 tech and crypto executives claimed they had been denied access to banking services. Many in the crypto industry referred to the practice as "Operation Chokepoint 2.0," naming it after an Obama-era initiative that used banking pressure to combat fraud and money laundering.
The Trump executive order followed those industry complaints, which alleged that the previous administration influenced financial institutions into cutting off crypto firms from certain services. The Federal Reserve has also sought feedback on a proposal that critics say could address the so-called Chokepoint 2.0 concerns.
What is still unclear
The OCC explicitly stated it could not fully quantify the extent of debanking across the nine banks it reviewed. The report also lacked concrete examples of crypto-specific debanking incidents, leaving the scope of the issue unconfirmed.
Source
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.