Big Banks and Crypto: What's Really Going On?

Big banks in the U. S. have been acting suspiciously. They've been limiting or even cutting off services to certain businesses, not because these businesses are risky, but because they don't like them. This includes crypto firms, among others. This isn't new. Back in 2013, there was something called Operation Choke Point. The government pushed banks to treat some legal industries as high-risk. Even though it ended in 2017, people in the crypto world think something similar is happening now. They call it Operation Choke Point 2. 0. Other industries that faced extra scrutiny include oil and gas, coal mining, firearms, private prisons, tobacco, e-cigarettes, and adult entertainment. These businesses are legal, but banks are making it hard for them to operate. The Office of the Comptroller of the Currency (OCC) looked into the nine largest national banks. They found that some of these banks were indeed applying extra restrictions to these industries. The OCC is not happy about this. They want to stop banks and regulators from using finance as a weapon. This is just the first part of their investigation. Thousands of complaints are still being reviewed. The OCC wants to make sure banks aren't unfairly targeting specific industries.