Due to various factors, the crypto industry faces increasing difficulty finding banking services in the US. Banks have hesitated to work with crypto customers. Recent events such as the closure of crypto-friendly Silvergate Capital Corp. and the seizure of Signature Bank by regulators have made banks even warier about providing services to the industry.

Per the report, although there is no blanket ban on serving crypto clients, financial firms are imposing “lengthy” application procedures, turning away smaller crypto companies and some retail platforms, and in some cases, allegedly completely shutting the door on crypto businesses.