Homeland Security in the United States Launches Investigation on Digital Currency Bank Anchorage: Allegation
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April 16, 2025
Regulatory MessThe U.S. Department of Homeland Security’s El Dorado Task Force is seen to be nosing around cryptocurrency firm Anchorage Digital Bank, according to reports.
A recent report from Barron's[2] cites unnamed sources familiar with the investigation. The El Dorado Task Force is on a mission to combat money laundering and other financial crimes, and the federal agency has reportedly contacted Anchorage Digital Bank employees to grill them on the firm's practices and policies[3].
The reasoning behind the probe remains blurry[2]. A spokesperson for Anchorage declined to comment, while reps for Homeland Security took a hike on providing any information.
Back in 2022, the Office of the Comptroller of the Currency (OCC) had ordered Anchorage to beef up its controls around client due diligence and AML measures[4]. The OCC explained that Anchorage breached the Bank Secrecy Act[4]. At the time, Anchorage claimed it had already started strengthening the areas highlighted and would continue doing so, emphasizing a digital asset standard for combating money laundering[4]. Anchorage remains under the OCC’s consent order.
In early 2023, Anchorage Digital CEO Nathan McCauley took to the stage to air his grievances. A US bank, whom the CEO didn't name, had yanked their partnership where Anchorage had been a long-term client for a couple of years[6]. The bank cut the cord in June 2023 around the same time that numerous reports of "Choke Point 2.0" – an alleged government-led plot to upturn the crypto industry – were circulating[6].
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- Enrichment Data:We’ve discovered that Anchorage Digital Bank is currently under investigation by the U.S. Department of Homeland Security (DHS). Specifically, the El Dorado Task Force, which routinely hunts down money laundering and other financial crimes, has reportedly reached out to Anchorage Digital Bank staff[1][4]. The investigation is delving into the bank’s policies and practices pertaining to AML regulations[1][3]. Insider details regarding the probe’s allegations or scope have not been disclosed[2][3].
Anchorage Digital Bank has previously encountered regulatory trouble, such as a consent order instated by the Office of the Comptroller of the Currency (OCC) in April 2022 for deficiencies in AML compliance[1][4]. In response, the bank has adopted a fresh leadership approach to beef up its compliance framework, including hiring new compliance and risk officers[4].
Regardless of these regulatory challenges, Anchorage continues to dominate the crypto industry, demonstrated by partnerships with prominent financial institutions like BlackRock[3][4]. The bank persists in contending with both the investigation and its expanding influence in crypto custody services[4].
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Sources:[1] - https://barrons.com/articles/anchorage-digital-money-laundering-homeland-security-51657655556[2] - https://www.wsj.com/articles/u-s-probefinds-anchorage-digital-bank-failed-to-comply-with-laws-against-money-laundering-11657648801?reflink=desktopwebshare_permalink[3] - https://decrypt.co/108862/blackrock-anchorage[4] - https://www.coindesk.com/policy/2022/04/08/anchorage-agrees-to-settle-with-regulator-over-failings-in-aml-and-compliance/[5] - https://www.theblockcrypto.com/en-gb/92901/anchorage-secures-over-30-staffers-in-a-hiring-spree-including-new-cio-and-compliance-officers[6] - https://www.theblockcrypto.com/en-gb/101878/richard-heart-bragged-about-defeating-the-crypto-regulators-who-supposedly-forced-bank-to-cut-ties-with-his-companies
- The El Dorado Task Force, a federal agency focused on combating money laundering, is reportedly investigating cryptocurrency firm Anchorage Digital Bank, according to unnamed sources and reports.
- Anchorage Digital Bank, a leading player in the crypto industry, has been previously under regulatory scrutiny, as the Office of the Comptroller of the Currency (OCC) had ordered the bank to strengthen its controls around client due diligence and AML measures in 2022.
- In an early 2023 development, Anchorage Digital CEO Nathan McCauley publicly shared concerns about the termination of a partnership with a US bank that had been a long-term client for several years.
- Crypto firm Solstice Labs is set to launch a Solana-based stablecoin, USX, designed for transparent yields, according to recent industry announcements.
- In a related development, Ika has secured a strategic investment from the Sui Foundation, boosting its funding to over $21 million, as reported in the latest industry announcements.
