OCC Report Reveals Banks Restricting Services to Lawful Businesses Including Crypto Firms
A preliminary report by the U.S. Office of the Comptroller of the Currency (OCC) has found that nine major national banks restricted or denied services to lawful businesses, including cryptocurrency firms, based on their industry type rather than financial risk. This practice raises concerns reminiscent of Operation Choke Point 2.0, where regulators are accused of informally discouraging banks from serving the digital asset sector.
The banks examined in the report include JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. In addition to crypto companies, other heavily scrutinized legal industries mentioned in the report are oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarettes, and adult entertainment.
The OCC found that some banks applied special restrictions or heightened scrutiny to legal customers based on their industry rather than any financial risk, a form of potential unlawful discrimination. This report represents the first phase of the OCC's ongoing investigation, as thousands of complaints remain under review.
Comptroller of the Currency Jonathan V. Gould emphasized the OCC's commitment to ending efforts that weaponize finance and stated that the agency will hold banks accountable for discriminatory practices.
The OCC has also recently signaled a more relaxed stance on cryptocurrency, issuing an interpretive letter that permits banks to hold crypto on their balance sheets to pay blockchain network fees for authorized activities. Furthermore, banks may handle riskless principal transactions involving crypto assets.
These findings were reported on December 10, 2025.
