Michaela
Anchorage Digital Bank has reportedly come under investigation by the U.S. Department of Homeland Security’s El Dorado Task Force, a unit known for pursuing international money laundering and financial crimes. While details of the probe remain murky, the inquiry marks a rare federal spotlight on a federally chartered crypto institution.
Members of the Department of Homeland Security’s El Dorado Task Force have reportedly reached out to former Anchorage Digital Bank employees in recent weeks to scrutinize the firm’s internal practices and policies, according to an April 14 report by Barron’s. The outreach suggests that the investigation may be focused on cross-border financial activities.
Anchorage Digital holds the distinction of being the only federally chartered crypto bank in the United States, having secured its national trust bank charter from the Office of the Comptroller of the Currency (OCC) in January 2021.
While its charter marked a milestone for the crypto industry, the firm hasn’t been without regulatory friction. In April 2022, the OCC issued a consent order citing weaknesses in Anchorage’s compliance with the Bank Secrecy Act and Anti-Money Laundering standards. The order required the company to form a dedicated oversight committee to remedy the concerns under OCC supervision.
Anchorage Digital was founded in 2017 by Diogo Mónica and Nathan McCauley and has since positioned itself as a key player in institutional crypto custody. The firm currently serves as the custodian for BlackRock’s Bitcoin ETFs, which have attracted over $35.5 billion in inflows since their January debut. Anchorage also oversees custody and collateral services for Cantor Fitzgerald’s Bitcoin assets.
The reported investigation into Anchorage Digital carries significant weight within both the crypto and traditional financial sectors.
The development comes amid a broader wave of regulatory scrutiny directed at digital asset firms, highlighting the increasing oversight facing companies that serve as key infrastructure for institutional crypto investment. As a federally chartered institution with ties to major Wall Street players, Anchorage’s operations are likely to remain under the microscope as the investigation progresses.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
