U.S. OCC: 9 major banks have refused to provide financial services to crypto companies

According to Cointelegraph, the Office of the Comptroller of the Currency (OCC) released preliminary findings on Wednesday indicating that from 2020 to 2023, the nine largest banks in the United States imposed restrictions on financial services for politically sensitive industries, including cryptocurrencies.

The OCC report noted that these banks made improper distinctions based on the legitimate business activities of their clients, either implementing restrictive policies or requiring enhanced scrutiny to provide services. The restricted industries, in addition to cryptocurrency issuers and exchanges, also include oil and gas exploration, coal mining, firearms, private prisons, tobacco, and adult entertainment.

Comptroller of the Currency Jonathan Gould criticized that large banks are abusing government charters and market power. The OCC is continuing its investigation and may submit the findings to the Department of Justice. The banks under review include nine large national banks, such as JPMorgan Chase, Bank of America, Citibank, and Wells Fargo.