"It seems that crypto companies can stand on their own without the help of banks?"
The United States (US) banking sector is hesitant to do business with cryptocurrency companies when most financial institutions that support digital assets are found to be closing their operations.
Various banks currently also form complex application procedures that make it even more difficult for crypto companies to work with them.
The streak saw crypto companies desperately looking for new partners after Silvergate Bank, Signature Bank and Silicon Valley (SVB) suffered drastic collapses within a week in mid-March.
A few days after the closure of SVB and Signature, Cross River Bank including the Swiss bank has received over 100 new customer requests, but keep in mind not all of them are from crypto companies.
Even so, Cross River rejected all such requests except considering the company has existing relationships with them such as customers who can develop the fintech ecosystem.
While not placing a blanket ban on the crypto market, the Federal Reserve (Fed), the federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are warning banks about the risks they face when dealing with crypto companies.
As a result, some investors argue that increasingly aggressive regulatory enforcement actions against the crypto market are part of the government's agenda to wipe out digital assets in the US.
