Citing a report from Barron's, it was reported that the El Dorado Task Force of the United States Department of Homeland Security (DHS) has launched an investigation into Anchorage Digital Bank, the only crypto bank that has held a national bank charter from the Office of the Comptroller of the Currency (OCC) since January 2021.
The investigation highlights the company’s compliance policies and practices, including conducting interviews with several former employees to review the effectiveness of its anti-money laundering controls and suspicious activity monitoring mechanisms.

Anchorage Digital Bank, headquartered in Sioux Falls, South Dakota, provides digital asset custody services to financial institutions and government entities. The company is backed by prominent investors such as Goldman Sachs, BlackRock, Andreessen Horowitz, KKR, and Wellington Management.
However, in April 2022, the OCC issued a consent order requiring Anchorage to strengthen its anti-money laundering program and ensure compliance with the Bank Secrecy Act, following findings related to weaknesses in internal controls and staff training.

The latest examination conducted by the DHS suggests that Anchorage may still be struggling to meet the compliance standards set by federal regulators.
Although the company has made improvements based on previous findings, its continued status under a consent order indicates ongoing concerns about the effectiveness of its internal control systems and compliance policies.

This investigation reflects increasing regulatory scrutiny of the crypto sector, particularly regarding money laundering risks and the potential for terrorist financing. As the first crypto institution to receive a national bank charter, Anchorage plays a significant role in setting compliance benchmarks for the industry. Nonetheless, the challenges it faces demonstrate that regulatory status does not exempt crypto companies from the obligation to continuously adapt to evolving and rigorous compliance standards.

The DHS’s examination of Anchorage Digital Bank underscores the urgency of transparency and compliance in the crypto space.
Although the company has taken corrective actions, the persistence of challenges serves as a reminder that legal status does not preclude ongoing oversight and regulatory evaluation.
This situation offers a critical lesson for other crypto companies: ensuring compliance with regulations is essential to maintaining operational integrity and long-term sustainability.