Anchorage Digital Bank Under Investigation by DHS Financial Crimes Unit
Anchorage Digital Bank, a leading cryptocurrency custody firm backed by Wall Street giants, is being investigated by a financial crimes unit within the U.S. Department of Homeland Security, according to sources familiar with the matter.
The investigation, conducted by the department’s El Dorado Task Force, has reached out to former Anchorage employees in recent weeks to gather information about the company’s internal practices and compliance protocols. The nature and scope of the investigation has not been officially disclosed, but the task force is known for its efforts to combat cross-border money laundering and financial crimes through preventive investigations.
Anchorage Digital, a federally chartered crypto bank, is backed by financial firms including Goldman Sachs, Andreessen Horowitz, KKR, and Wellington Management. The company provides services such as digital asset custody and trading infrastructure for institutions and governments. Just last week, BlackRock selected Anchorage as a custodian for its crypto-related exchange-traded products.
The firm has faced scrutiny before. In April 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order requiring Anchorage to enhance its anti-money laundering controls and improve customer due diligence. At the time, the OCC said Anchorage violated the Bank Secrecy Act and must fix gaps in its compliance systems. The company responded by committing to strengthening its procedures and remains under the consent order today.
Related News
Bitfinex Analysts: “Bitcoin is Up But at a Crucial Turning Point! The Continuation of the Rise Depends on It!”
The latest federal investigation comes at a politically charged time for the crypto industry, with Anchorage positioning itself in a key position in Washington and strengthening ties with officials loyal to President Donald Trump, who has vowed to make the U.S. the “crypto capital of the world.” CEO Nathan McCauley has publicly championed Trump’s digital asset agenda and taken a leading role in discussions around “debanking,” the practice of financial institutions cutting off services to crypto customers.
In February, McCauley testified before the Senate Banking Committee about debanking practices. More recently, he attended a White House summit on digital assets and shared a photo with Bo Hines, executive director of the President’s Council of Advisors on Digital Assets, saying, “Crypto is in good hands.”
The firm has sought to bolster its credibility by hiring experienced regulatory and financial leaders. Anchorage’s board currently includes former Goldman Sachs executive Connie Shoemaker and Julie Williams, who was the OCC’s general counsel during the 2008 financial crisis. The firm also recently saw a legal leadership shakeup, with TuongVy Le, a former SEC crypto investigator, stepping down as general counsel.
Founded in 2017 by McCauley and Diogo Mónica, Anchorage was last valued at $3 billion in its 2021 fundraising round. That same year, under then-OCC chairman Brian Brooks, Anchorage became the first and still only crypto firm to receive a national bank charter from the federal regulator.
*This is not investment advice.
