TL;DR
- The U.S. Department of Homeland Security (DHS) is investigating the practices and policies of Anchorage Digital Bank through the El Dorado Task Force.
- Anchorage had been previously investigated in 2022 for failing to comply with anti-money laundering and KYC regulations.
- The company has managed to establish partnerships with major financial firms like Cantor Fitzgerald and BlackRock to offer digital asset custody services.
The U.S. Department of Homeland Security (DHS) has launched an investigation into Anchorage Digital Bank, focusing on the company’s practices and policies.
The investigation is being led by the El Dorado Task Force, which is responsible for combating money laundering and other transnational financial crimes. Former employees of the company have been asked to provide relevant information about its operations. While specific details about the nature of the investigation have not been disclosed, it has drawn attention due to the increasing focus U.S. authorities are placing on crypto companies.
Anchorage Back Under the Regulators’ Spotlight
Anchorage had already been on regulators’ radar in 2022 when the Office of the Comptroller of the Currency (OCC) issued an order pointing out the company’s failure to comply with anti-money laundering and KYC (Know Your Customer) regulations. This incident led Anchorage to reform its internal processes and hire new employees to improve its compliance with financial regulations.
Anchorage’s CEO, Nathan McCauley, has maintained a close relationship with the U.S. administration, especially regarding cryptocurrency-related issues. McCauley participated in a summit organized by the White House in March, where digital asset policies were discussed.
Partnerships with BlackRock
During this event, President Donald Trump expressed his support for the industry, announcing his intention to end “debanking” practices that affect cryptocurrency companies. Bank exclusion has become a hot topic in the industry, as many crypto firms face challenges accessing banking services in the United States.
Despite regulatory conflicts, Anchorage has managed to establish itself as a heavyweight in digital asset custody. In recent months, the firm has formed partnerships with global financial companies like Cantor Fitzgerald and BlackRock, who have trusted its services for managing cryptocurrencies and other digital assets.
