Cryptocurrency Businesses Lose Banking Services from US Banks
On March 13, Larry Cermak, Research Director of The Block, tweeted that three US banks providing banking services for the cryptocurrency business were eliminated. However, banks such as Customers Bank, First Foundation Bank, Cross River Bank, Sutton Bank, Evolve Bank&Trust, BankProv, and Quintic Bank still provide cryptocurrency banking services. Larry Cermak said that he did not mention big banks such as JPMorgan Chase and Bank of New York Mellon because most small businesses could not use these banks.
Larry Cermak: Customers Bank and other banks still provide services for the encryption industry
Analysis based on this information:
Larry Cermak, the Research Director of The Block, recently tweeted about three US banks that have ceased providing banking services to cryptocurrency businesses. This is concerning news for cryptocurrency traders and users, as it suggests that banks are still wary of the volatile nature of cryptocurrencies and are unwilling to take on the potential risks associated with them.
The banks that have eliminated cryptocurrency banking services have not been named, but it is believed that they were smaller institutions catering to smaller businesses. This suggests that smaller players in the cryptocurrency market may struggle to find suitable banking services and could cause a significant issue for the growth and development of the industry.
However, Cermak did mention that there are still several other banks that provide these services, which offers some relief to those who rely on cryptocurrency. Banks such as Customers Bank, First Foundation Bank, and Cross River Bank have all maintained their cryptocurrency banking services, indicating that there is still some demand from businesses operating in the cryptocurrency market.
It is worth noting that Cermak does not include larger banks such as JPMorgan Chase and Bank of New York Mellon, as he believes that they are not practical options for smaller businesses. This further compounds the issue that smaller players have in finding suitable banking services.
Overall, this news highlights the ongoing challenges that the cryptocurrency market faces in finding reliable and trustworthy banking services. It also highlights the need for greater regulation and standardization in the industry, as it will be difficult for banks to confidently provide services without clear guidelines and restrictions in place.
In conclusion, the elimination of cryptocurrency banking services by smaller US banks is concerning for the industry and could negatively impact its growth and development. However, the fact that larger banks are still offering these services is a positive sign that there is still potential for the cryptocurrency market to thrive. Greater regulation and standardization will be crucial in ensuring that this potential is realized.
Overall, this message suggests that a more standardized and reliable approach is needed for cryptocurrency banking services in the United States, and it will likely require input from both the cryptocurrency industry and traditional banking institutions.
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