OCC Removes Compliance Order Against Anchorage Digital Bank

Anchorage Digital has successfully lifted a cease-and-desist order from the Office of the Comptroller of the Currency (OCC) concerning its compliance program against money laundering. This order was initially imposed in 2022.

The OCC stated that continued oversight was unnecessary for the bank's safety and regulatory compliance. Anchorage Digital's CEO, Nathan McCauley, described the previous enforcement action as regulatory feedback and emphasized the company's commitment to setting standards for digital asset custody.

Key points include:

  • The OCC removed the order, affirming Anchorage's compliance.
  • McCauley noted the resolution of regulatory feedback.
  • Anchorage is recognized as the first crypto bank with a full banking charter.
  • Recent developments indicate a more favorable regulatory environment for crypto businesses under the new OCC leadership.
  • Other digital asset issuers like Circle, Ripple, and Paxos are seeking banking charters from the OCC.