The Office of the Comptroller of the Currency (OCC): Investigation finds that large banks still refuse to provide services to legitimate cryptocurrency businesses.

A preliminary report from the OCC shows that examinations of the nine largest banks in the U.S. found that these banks sometimes restrict or deny services based on the type of legitimate business customers engage in (such as the cryptocurrency industry), rather than specific financial risks. The banks under review include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bancorp, First Capital Financial, PNC Bank, TD Bank, and Montreal Bank.

The OCC noted that at least some of these banks imposed additional restrictions or scrutiny when dealing with clients in legitimate industries. Comptroller Jonathan V. Gould emphasized that the investigation revealed potential issues of financial weaponization and indicated that banks may be held accountable in the future. The OCC pointed out that this is only the first phase of the investigation, and a large number of complaints need to be closely examined. Recently, the agency has softened its stance on cryptocurrencies, allowing banks to include cryptocurrencies on their balance sheets and engage in related transactions.

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