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What the OCC’s consent order to Anchorage means for the crypto industry

Quick Take The Office of the Comptroller of the Currency levied a consent order against crypto bank Anchorage at the close of last month, criticizing the firm anti-money laundering practices. What should other crypto firms take away from the development? This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

OCC demands Anchorage Digital clean up AML program

The US’s national bank regulator is not happy with Anchorage Digital’s know-your-customer (KYC) program. On April 21, the Office of the Comptroller of the Currency (OCC) released a consent order, citing what it called Anchorage Digital’s lax compliance with KYC and anti-money laundering provisions. The order requires Anchorage to cease and desist from those practices and instead institute a revamp and a number of new hires.  “The OCC holds all nationally chartered banks to the same high standards, whether they …

How Anchorage is helping hedge funds custody hundreds of millions of dollars in NFTs

As Mónica explained during an interview on The Scoop with host Frank Chaparro, there are two main reasons he believes institutions are expressing interest in NFTs: “The first one is that it’s free marketing. You buy an NFT or you do something in crypto and for a few hundred thousand dollars you get tens of millions of dollars of mainstream press. The second reason, which is probably the major reason for the ones who want to build products, is they …

Digital Asset Banking: The Natives

January 4, 2022, 12:17PM EST • 10 min read Quick Take The US now has 7 crypto-native banks operating under state or federal charters Since OCC regulation on digital banking in July 2020, 2 Wyoming and 3 OCC charters approved Crypto-native banks lead in offering custody, real-time payment and OTC trading solutions Join The Block Research for exclusive research like this Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, …

Crypto bank Anchorage raises $350 million in Series D funding

Anchorage Digital, a federally chartered crypto bank in the U.S., has raised $350 million in a Series D funding round. Private equity giant KKR led the round by investing through its Next Generation Technology Growth Fund II. This is KKR’s first direct equity investment in a crypto firm, said Anchorage. In September, KKR took a stake in the flagship fund of crypto VC firm ParaFi Capital. Other investors backing Anchorage’s Series D include Goldman Sachs, BlackRock, PayPal Ventures, Andreessen Horowitz …