US Banking Review Finds Restrictions on Digital Asset Businesses

The Office of the Comptroller of the Currency has identified restrictions on digital asset businesses in a review of banking access at nine major US national banks.

Released on 14 October, the review examined policies and decisions between 2020 and September 2025. Digital assets were among several industries affected by restrictions on financial services. OCC

The findings add to the debate over how banks should assess lawful crypto businesses while managing financial crime and operational risks.

Key Takeaways

• The OCC reviewed nine large national banks.
• Its report identified restrictions affecting digital asset issuers, exchanges and administrators.
• Banks often attributed crypto-related restrictions to financial crime considerations.
• The review could not comprehensively quantify debanking or its costs.
• Publication does not automatically restore affected banking relationships.

What the Review Found

According to the OCC’s announcement, the investigation covered institutions including JPMorgan Chase, Bank of America, Citibank and Wells Fargo.

The regulator reviewed nearly 100,000 complaints and approximately 420,000 pages of bank documents. Those figures cover the broader investigation, rather than crypto complaints alone. OCC

The full report states that many institutions restricted banking for digital asset activities, including issuers, exchanges and administrators. Financial crime concerns were frequently cited.

Across the wider review, the OCC criticised reputation-risk policies that lacked clear, measurable standards. It argued that subjective assessments could disadvantage customers engaged in lawful activities. occ.gov

Why Banking Access Matters for Crypto

Crypto businesses can depend on banks for operating accounts, payroll and customer transfers involving conventional currencies. Restrictions can therefore affect their ability to connect blockchain services with the financial system.

For centralised cryptocurrency exchanges, banking relationships can be particularly relevant to deposits and withdrawals involving fiat money.

This makes banking access a practical part of crypto regulation. Permission to conduct a digital asset activity and access to the banking services supporting it are separate operational questions.

What the Findings Do Not Establish

The report does not provide a comprehensive count of affected crypto businesses or their financial losses. The OCC acknowledged limitations arising from banks’ records, responses and internal tracking systems.

It also noted that some restrictions reflected sanctions, money-laundering concerns or insufficient expertise and operational capacity. The findings should therefore not be interpreted as proof that every refusal involving a crypto business was improper. occ.gov

For the industry, clearer explanations of account decisions would support trust and transparency by helping businesses understand what concerns they need to address.

What Happens Next?

The OCC said it would assess further regulatory and supervisory changes. It also highlighted earlier measures addressing reputation risk in examinations, licensing assessments and complaint handling. The announcement itself does not require banks to reopen particular accounts. OCC

Conclusion

The review documents barriers affecting digital asset businesses alongside other lawful industries. Its practical significance will depend on how banks and supervisors translate the findings into clearer, consistent decisions about access to financial services.