Federal authorities are scrutinizing Anchorage Digital's financial management protocols.
Anchorage Digital Bank, the only federally chartered crypto bank in the United States, has found itself under investigation by the U.S. Department of Homeland Security's El Dorado Task Force and the Office of the Comptroller of the Currency (OCC). The investigation, which was initiated in 2022, is focused on cross-border financial activities and forms part of a broader wave of regulatory scrutiny directed at digital asset firms.
In April 2022, the OCC issued a consent order to Anchorage Digital, citing weaknesses in its compliance with the Bank Secrecy Act and Anti-Money Laundering (AML) standards. As a result, the bank was likely placed under supervision due to concerns about its AML procedures and customer identification (KYC) processes.
The consent order required Anchorage Digital to form a dedicated oversight committee to remedy the concerns under OCC supervision. This supervisory order, however, was recently lifted, reflecting a regulatory shift towards formal oversight rather than restriction.
Founded in 2017 by Diogo Mónica and Nathan McCauley, Anchorage Digital Bank has established ties with major Wall Street players. It serves as the custodian for BlackRock's Bitcoin ETFs and oversees custody and collateral services for Cantor Fitzgerald's Bitcoin assets.
It is important to note that the investigation into Anchorage Digital does not affect individual crypto positions or assets. However, the development underscores the increasing oversight facing companies that serve as key infrastructure for institutional crypto investment.
The investigation into Anchorage Digital is significant within both the crypto and traditional financial sectors. As a federally chartered institution, its operations are likely to remain under the microscope as the investigation progresses.
As always, readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Magazine and The Shib Daily, the official media and publications of the Shiba Inu cryptocurrency project, will continue to monitor this situation and provide updates as they become available.
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