US OCC: 9 major banks previously refused to provide financial services to crypto firms

ChainCatcher news, according to Cointelegraph, the US Office of the Comptroller of the Currency (OCC) released preliminary investigation results on Wednesday, showing that from 2020 to 2023, the nine largest banks in the United States imposed financial service restrictions on politically sensitive industries such as cryptocurrency.

The OCC report pointed out that these banks made improper distinctions based on customers' legitimate business activities, either implementing restrictive policies or requiring enhanced scrutiny before providing services. In addition to cryptocurrency issuers and exchanges, the restricted industries 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 abuse 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 JPMorgan, Bank of America, Citibank, Wells Fargo, and nine other large national banks.