BANKS WARIER OF SERVING CRYPTO CLIENTS AFTER BLOWUPS, SCRUTINY
US banks have grown increasingly cautious about providing services to the crypto industry following regional bank collapses and regulatory scrutiny. The subsequent closure of Silvergate and seizure of Signature Bank has left crypto firms struggling to find new banks for depository and payment services. Banks are now imposing lengthy application procedures, turning away smaller firms, and sometimes rejecting crypto businesses entirely. While some big banks are selectively working with crypto firms, the onboarding process can take up to six months.
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