- 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
As the crypto industry faces growing regulatory scrutiny, smaller regional lenders, along with Swiss, Asian and UK banks, are stepping in to provide banking services. Access to banking has become more fragmented, less US-centric and at times, less advertised.