A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown
- US regional lenders step in, along with Swiss, Asian, UK firms
- Scrutiny increases with SEC lawsuits against Binance, Coinbase
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Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US.
In the US, crypto firms are turning to a handful of smaller regional lenders to open bank accounts. Customers Bancorp Inc., a Pennsylvania lender, has become a popular destination. Swiss and Asian banks are also playing a bigger role, though they still remain selective about their crypto clients. In the UK, where access to banking has also worsened, companies are instead turning to payment-service providers to bridge the gap.