U.S. Office of the Comptroller of the Currency: Investigation Reveals Major Banks Still Engage in Denying Services to Legitimate Cryptocurrency Businesses

**OCC Probe Finds 9 Large U.S. Banks Restricted Crypto, Legal Industries Without Financial Risk Justification** A preliminary report from the Office of the Comptroller of the Currency (OCC) released December 11 found that nine of the largest U.S. banks restricted or denied services to businesses in legal industries—including crypto—for reasons unrelated to financial risk. The OCC’s review focused on the business policies of major lenders: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, First Capital Financial Corporation, PNC Bank, TD Bank, and The Bank of Montreal. At least some of these institutions imposed special restrictions or heightened scrutiny on customers in legal sectors like crypto, the agency noted. OCC official Jonathan V. Gould said the findings reflect the agency’s commitment to “ending the weaponization of finance by regulatory agencies or banks.” He added the OCC intends to hold banks accountable as the probe continues. The OCC emphasized Thursday’s (Dec. 11) findings are just the first phase of its investigation. Thousands of complaints remain pending as the agency assesses whether banks engaged in illegal discrimination against specific industries. Overall, the OCC has steadily softened its stance on crypto. Last month, the agency confirmed in an interpretive letter that major banks may formally hold crypto on their balance sheets to cover blockchain network fees for “other permissible” banking activities. On Tuesday (Dec. 10), the regulator added banks may engage in “riskless principal transactions” involving crypto assets.