OCC terminates consent order against Anchorage Digital after finding the bank’s compliance programs meet anti-money-laundering (AML) expectations, removing a 2022 regulatory restriction and restoring full federal oversight for Anchorage’s nationally-chartered crypto custody operations.
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Regulator action: OCC rescinded the April 2022 consent order to assure safety and soundness.
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Anchorage complied with AML requirements and addressed prior program deficiencies.
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Implication: federal chartered custody and crypto oversight are now working in tandem, per company leadership.
OCC terminates consent order against Anchorage Digital; compliance confirmed and federal oversight restored — read what this means for crypto custody and next steps.
The financial regulator said the bank’s “compliance with laws and regulations does not require the continued existence of the order,” first issued in April 2022.
What does the OCC termination of the Anchorage consent order mean?
OCC termination of the consent order means Anchorage Digital has satisfied the regulator’s concerns about Anti‑Money‑Laundering (AML) controls and no longer needs the 2022 supervisory restriction. The action restores regulatory normalcy for Anchorage’s federally chartered custody services and signals clearer federal oversight for crypto custodians.
How did Anchorage address AML and compliance concerns to lift the order?
Anchorage implemented enhanced compliance policies, strengthened transaction monitoring, and improved governance controls to meet OCC expectations. The bank also engaged with federal and state regulators and provided documentation demonstrating remedial actions. These measures convinced the OCC the order was no longer necessary to assure safety and soundness.
Key facts:
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Anchorage received a national bank charter from the OCC in January 2021.
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The original consent order (April 2022) cited failures to adopt and implement an adequate AML program.
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OCC rescinded the order after reviewing remediation and interagency feedback.
“With our consent order lifted, we’ve proven definitively that crypto and federal oversight are not mutually exclusive—and can in fact be stronger working in tandem,” said Anchorage co‑founder and CEO Nathan McCauley in a company statement.
Is politics influencing U.S. crypto regulation?
The termination comes amid shifting federal approaches: the OCC, Federal Reserve and FDIC have issued clarifying guidance on banks’ digital asset activities, and the Federal Reserve has sunset a monitoring program for bank digital asset activity. These moves reflect evolving policy rather than unilateral deregulation.
Which other firms sought OCC charters and what’s next?
Paxos, Ripple Labs and Circle pursued national trust or bank charters; new legislation like the GENIUS Act creates clearer licensing pathways for payment stablecoins and places chartering and oversight under federal and qualifying state regulators. Expect further regulatory rule‑making and supervisory engagement for custody and stablecoin services.
Frequently Asked Questions
Why was Anchorage’s consent order issued in April 2022?
The April 2022 consent order was issued because the OCC found Anchorage had not fully implemented an AML compliance program that met supervisory expectations, prompting remedial requirements to protect clients and the banking system.
Does the rescission mean less oversight for crypto custodians?
No. Rescission reflects that Anchorage met the regulator’s conditions; oversight remains through routine supervision, reporting requirements and interagency guidance from the OCC, Federal Reserve and FDIC.
What should clients and counterparties expect now?
Clients can expect Anchorage to operate under standard supervisory frameworks for nationally‑chartered banks, with continued regulatory exams and reporting. Counterparties should confirm custody and operational controls during normal diligence.
Key Takeaways
- Regulatory closure: OCC removed the 2022 consent order after confirming remedial compliance.
- Federal oversight: The action underscores that federally‑chartered crypto custody can operate under robust supervision.
- Industry impact: The decision clarifies pathways for other crypto firms pursuing charters and encourages continued regulator‑industry engagement.
How can stakeholders verify a custody bank’s regulatory status?
Follow these verification steps to confirm a federally chartered crypto custodian’s status:
- Check public OCC supervisory announcements and press releases (regulator names referenced as plain text).
- Review the bank’s charter and regulatory filings posted by the institution.
- Request compliance attestations and exam results during commercial due diligence.
Conclusion
The OCC’s termination of the consent order against Anchorage Digital confirms the bank addressed AML and compliance shortcomings, restoring standard federal supervision for its nationally‑chartered custody services. This development strengthens the precedent for regulated crypto custody and signals ongoing regulator‑industry collaboration. For market participants, continued diligence and transparent compliance remain essential.
