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.
In the US, crypto firms are turning to a handful of smaller regional lenders to open bank accounts. Customers Bancorp Inc., a Pennsylvania lender, has become a popular destination. Swiss and Asian banks are also playing a bigger role, though they still remain selective about their crypto clients. In the UK, where access to banking has also worsened, companies are instead turning to payment-service providers to bridge the gap.
As a result, crypto’s new banking system is more fragmented, less US-centric and, at times, less advertised….
Source: New Crypto Banking System Emerges as Regulators Crack Down on Coinbase, Binance – Bloomberg
