OCC: Banks Restricted Crypto & Other Industries
Update: 2025-12-11
Description
The Office of the Comptroller of the Currency (OCC) has found that major U.S. banks, including JPMorgan Chase, Bank of America, and Wells Fargo, restricted financial services to certain industries, such as cryptocurrency, oil and gas, coal mining, firearms, private prisons, tobacco, e-cigarettes, and adult entertainment, between 2020 and 2023. These restrictions were often based on financial crime considerations and were sometimes openly conducted, despite denials from some banks. The OCCs investigation is ongoing, and findings may be referred to the Justice Department. Critics argue that the OCCs report does not address the root causes of these actions, which may include reputation concerns and previous advice from the Federal Deposit Insurance Corporation (FDIC) to avoid cryptocurrency companies.
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