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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Crypto Industry Struggles To Access Banking Services In The US, Report Shows

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
Crypto

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Due to various factors, the crypto industry faces increasing difficulty finding banking services in the US, according to a Bloomberg report, banks have hesitated to work with crypto customers. Recent events such as the closure of crypto-friendly Silvergate Capital Corp. and the seizure of Signature Bank by regulators have made banks even warier about providing services to the industry.

Per the report, although there is no blanket ban on serving crypto clients, financial firms are imposing “lengthy” application procedures, turning away smaller crypto companies and some retail platforms, and in some cases, allegedly completely shutting the door on crypto businesses. 

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Will The Crypto Industry Be Able To Overcome This Situation?

According to Bloomberg, after the collapse of Silicon Valley Bank (SVB) and Signature Bank, Cross River Bank received requests from over 100 new clients seeking a safe place to deposit their funds. 

However, the bank allegedly turned down almost all of those requests, only considering companies with existing relationships with Cross River that were “blue-chip” customers and “integral” to the fintech ecosystem, a spokesperson told Bloomberg.

The increasing caution of financial institutions in serving the cryptocurrency industry is becoming more apparent, with some banks even turning away non-crypto companies seeking a safe place to deposit their funds. This reluctance to serve the industry has made it challenging for crypto companies to find reliable banking services, exacerbating the challenges of operating in a largely overregulated environment.

Moreover, Cross River Bank, a closely-held company based in Fort Lee, New Jersey, has allegedly only accepted a few crypto companies, including stablecoin issuer Circle Internet Financial Ltd, which expanded its partnership with Cross River after the collapse of SVB.

No Clear Picture Ahead For The Industry

Per the report, while some big banks, such as JPMorgan Chase and the Bank of New York Mellon, appear willing to do business with crypto firms selectively, the onboarding process with these institutions can be “quite lengthy,” up to six months, Bobby Zagotta, CEO of Bitstamp told Bloomberg. He further claimed:

There are other alternatives that are small that could emerge as a next evolution of this kind of payments space, but it’s absolutely unclear to me who that might be, and based on what. From our conversations with our customers, we haven’t heard anyone who has a clear picture.

Overall, the lack of access to banking services is a significant challenge for the cryptocurrency industry, as it limits the ability of companies to operate and grow their businesses. 

The industry is calling for greater regulatory clarity and support to help promote the growth and development of the cryptocurrency industry, like the case of Coinbase with its different measures to ask for a regulatory framework that enables the crypto industry to continue to provide its services in the US and further growth in the future. 

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The total market capitalization on a sideways period on the 1-day chart. Source: TOTAL on TradingView.com

Feature image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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