TechFlow news, December 11 — According to Cointelegraph, preliminary investigation results from the U.S. Office of the Comptroller of the Currency (OCC) revealed that nine of America's largest banks imposed restrictions on financial services for politically sensitive industries—including cryptocurrency—between 2020 and 2023.
The OCC stated that these banks "improperly distinguished" based on customers' lawful business activities, either implementing policies restricting access to banking services or requiring escalated reviews and approvals before providing financial services. Restricted industries, in addition to cryptocurrency, include oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, and the adult entertainment industry.
Regarding the cryptocurrency sector, banks' restrictive measures targeted "issuers, exchanges, or managers, typically attributed to concerns around financial crimes." The banks under review include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, Capital One, PNC Bank, TD Bank, and BMO Bank.
The OCC said it will continue its investigation and may refer findings to the Department of Justice.
