A consortium of global banks including Deutsche Bank and Standard Chartered is reportedly evaluating ways to expand its crypto operations in the U.S.
Big international banks are revisiting their approach to crypto, with a group that includes Deutsche Bank and Standard Chartered now exploring ways to expand operations in the U.S., the Wall Street Journal has learned, citing a person familiar with the matter.
The report doesn’t say how far along the banks are in their plans, but notes that their renewed interest comes as traditional finance starts moving back into crypto after stepping away following the FTX collapse and the shutdown of two crypto-friendly banks, with President Donald Trump’s promise to make America a crypto-friendly country.
Sources familiar with the matter say BitGo, Circle, Coinbase, and Paxos are among the crypto firms planning to apply for bank charters or licenses. Anchorage Digital, which is reportedly under scrutiny from U.S. Homeland Security, remains the only crypto firm in the country with a federal bank charter and has spent tens of millions of dollars to meet regulatory requirements, according to the report.
A recent Barron’s report said the U.S. Department of Homeland Security’s El Dorado Task Force has launched an investigation into Anchorage, citing unnamed sources. The task force, which focuses on transnational money laundering and financial crimes, has reportedly contacted former employees to examine the firm’s practices.
However, Anchorage pushed back on the report, with a spokesperson saying the Barron’s article “was based on speculation” and that the outlet “had no information about the nature of the inquiry nor its targets.”
