- Following the collapse of Silvergate Capital Corp. and Signature Bank, crypto companies are turning to smaller regional lenders like Customers Bancorp for banking services in the US.
- Swiss and Asian banks are also playing a bigger role in the industry, but remain selective about their crypto clients.
- In the UK, companies are turning to payment-service providers to bridge the gap in access to banking services.
- Mainstream US banks have become warier of processing wire transfers and holding deposits for the crypto industry, following last year’s turmoil and growing regulatory scrutiny.
- The diversification of banking-service providers means the new system could be more resilient.
A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown
Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US.
Yueqi Yang
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