It is actually very ironic that many of these banks are in the UK, given the whole UK push to be a crypto hub. Major banks in Lloyds Banking Group, USBC UK and Starling bank have the strictest restrictions on crypto. NatWest is limiting crypto transactions above 1000 pounds. HSBC has also limited transactions.
Signature’s assets were bought by Flagstar, with the exception of “the crypto stuff”.
Some of these happened after the banking crash, when crypto was in high demand. There are many many banks who had crypto restrictions prior to the crash, but the point is that none of them have actually loosened restrictions but if anything, gone the opposite way during the time of a rise in crypto demand and a fall in demand of typical banking services and fiat. In our “free market”, and for any smart business looking to prosper this just doesn’t make sense.
It is also questionable that the few crypto-friendly bank like Fidelity, who have launched their crypto products and services, have had a rather quite launch of the offerings, even with their sheer size.
Another like Monzo have admitted that they do block transactions they deem suspicious, which might be a euphemism. Customers of Monzo say that transactions being blocked and accounts closed is sadly quite a rampant problem. Revolut also has crypto restrictions although it varies by country(mainly UK and other developed countries) and the exact stipulations are fairly hazy.
Going to the head of the gang itself, the Fed is of course in on this. This year, Custodia Bank, who offers crypto services had applied to be a Fed-member bank system. This request was denied on the grounds specifically that they offered crypto assets and service. If you doubt me, view the request denial publication for yourself.
All this is to say that, again, there is a clear anti-crypto agenda here.
submitted by /u/OneThatNoseOne
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