According to Odaily, Anchorage Digital, a federally chartered bank, has encountered significant challenges in maintaining its banking relationships due to its involvement in the cryptocurrency sector. Nathan McCauley, the co-founder and CEO of Anchorage Digital, revealed that in January 2023, one of the company's partner banks decided to cease their collaboration. The bank cited Anchorage's engagement in cryptocurrency activities as the primary reason for this decision.
Anchorage Digital, which operates under the scrutiny of the Office of the Comptroller of the Currency (OCC), has faced difficulties in sustaining its banking operations. Despite being a federally chartered institution, its association with cryptocurrencies has led to its disqualification from participating in certain banking activities. This development highlights the ongoing challenges faced by financial institutions that are involved in the digital currency space, as traditional banks remain cautious about the regulatory and financial implications of such partnerships.