Overview

• The 2022 action followed findings that Anchorage lacked an adequate compliance program under the Bank Secrecy Act and anti-money-laundering rules.
• Anchorage says it restructured leadership, expanded compliance infrastructure, scaled its team, strengthened controls, and automated processes to address the gaps.
• The company remains the only OCC-chartered digital-asset trust bank and now safeguards some Bitcoin and Ether held for BlackRock’s spot ETFs.
• The decision tracks a broader policy shift this year as the OCC, Federal Reserve, and FDIC eased prior-approval expectations for banks engaging in crypto services.
• Applications for national trust charters have picked up from Paxos, Ripple, Circle, and Wise, while the American Bankers Association presses for a pause over competition and potential deposit flight tied to stablecoins.