Anti-Financial Crime & Financial Crime Compliance
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Banking, Crypto, Financial Services

Crypto firms scramble for banking partners as willing lenders dwindle

US charges KuCoin crypto exchange with AML failures

By Elizabeth Howcroft and Hannah Lang

Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the U.S. last month, creating a risk their business will become concentrated in smaller financial institutions.

It is a scenario that concerns U.S. regulators, who have expressed doubt about the safety and soundness of bank business models that are highly focused on crypto clients after Silvergate Capital Corp, Signature Bank and Silicon Valley Bank imploded.

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