OCC review reveals nine major banks limited services to cryptocurrency firms and other controversial sectors
The Office of the Comptroller of the Currency (OCC) has confirmed that the United States’ largest banks imposed service restrictions on a wide range of politically sensitive industries including cryptocurrency companies between 2020 and 2023. According to the regulator’s preliminary review institutions made “inappropriate distinctions” when deciding which lawful businesses couuld access financial services.
The OCC launched the investigation following a presidential directive issued in August, requiring federal agencies to examine whether banks had engaged in systematic debanking of customers based on their political affiliations or beliefs. Early findings reveal that banks applied either outright service restrictions or heightened internal approval requirements before onboarding clients from certain industries.
Among the sectors affected were oil and gas exploration coal mining, firearms, adult entertainment, tobacco and e-cigarette manufacturers private prisons, and notably crypto issuers, exchanges and digital asset administrators. The OCC noted that limitations on crypto firms were frequently justified under financial crime and compliance concerns.
Comptroller of the Currency Jonathan Gould criticized the practice, stating that the nation’s largest banks had misused their “government granted charter and market power.” The OCC reviewed nine major institutions, including JPMorgan Chase, Bank of America, Citiban Wells Fargo, Capital One, US Bank, PNC, TD Bank and BMO.
The regulator emphasized that its investigation is ongoing and may be referred to the Department of Justice for further action.
However, policy analysts argue the report lacks key context. Critics noted that banks are evaluated by regulators on reputational risk, and that agencies such as the Federal Deposit Insurance Corporation had previously urged banks to avoid crypto-related exposure. Industry voices added that the most aggressive pressure against digital asset firms historically originated from the FDIC and Federal Reserve, rather than the OCC.
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