The Office of the Comptroller of the Currency has officially lifted the suspension order against cryptocurrency bank Anchorage Digital.
The suspension order was issued in 2022 for violations of anti-money laundering regulations and has now been lifted after Anchorage Digital fully met compliance requirements. Anchorage is now the custodian for BlackRock's Bitcoin ETF and Ethereum funds.
MAIN CONTENT
OCC lifted the suspension order against Anchorage Digital from 2022.
The bank completes anti-money laundering compliance processes as required.
Anchorage provides custody services for BlackRock's Bitcoin ETF and Ethereum funds.
Why did the OCC issue a suspension order against Anchorage Digital in 2022?
The reason is that cryptocurrency bank Anchorage Digital did not sufficiently meet the anti-money laundering compliance procedures. The OCC identified shortcomings in the bank's internal controls, leading to the issuance of a suspension order requiring remediation.
This reflects the strict supervision of organizations providing cryptocurrency-related services in the United States, aimed at protecting the market and users from financial risks that may arise from money laundering or other illegal activities.
How did Anchorage Digital complete the compliance requirements?
Anchorage Digital has implemented and upgraded its anti-money laundering control system, meeting the stringent criteria set by the OCC. The bank has conducted a comprehensive review of its processes and policies, strengthened dedicated personnel, and increased the effectiveness of transaction monitoring.
After a rigorous inspection and evaluation process, the OCC confirmed that Anchorage had fully rectified all deficiencies and met legal requirements, leading to the decision to terminate the suspension.
The lifting of the suspension for Anchorage is evidence of their commitment to strictly complying with regulations related to financial safety.
OCC announcement, August 2023
What role does Anchorage Digital play in the current cryptocurrency market?
Anchorage Digital is one of the leading cryptocurrency banks in the United States, notable for its secure custody services for large investment funds. In particular, the bank currently provides custody services for BlackRock's Bitcoin ETF and Ethereum spot funds – a reputable global financial institution.
This role not only enhances security in managing cryptocurrency assets but also helps increase investor trust in direct investment products related to digital assets.
By providing custody services for the ETF funds, Anchorage Digital contributes to the sustainable development of the cryptocurrency ecosystem.
Cryptocurrency market analyst, 2023
Frequently asked questions
What is the OCC's suspension order against Anchorage Digital?
This is an order requiring Anchorage to temporarily halt certain operations due to non-compliance with anti-money laundering regulations in 2022.
What did Anchorage Digital do to have the suspension lifted?
The bank has completed its anti-money laundering compliance control systems and has been recognized by the OCC as meeting the requirements.
What services does Anchorage provide for BlackRock's cryptocurrency ETF?
Anchorage provides secure custody services for BlackRock's Bitcoin ETF and Ethereum spot funds.
What does the lifting of the suspension mean for the cryptocurrency market?
Demonstrates the stability and enhanced legal compliance of cryptocurrency financial institutions, increasing investor trust.
What role does the OCC play in regulating cryptocurrency banks?
The OCC is the regulatory agency overseeing banking activities, ensuring compliance with financial safety and anti-money laundering measures.
Source: https://tintucbitcoin.com/anchorage-digital-het-lenh-tuan-thu-occ/
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