The collapse of major crypto banking players, Silvergate Capital Corp. and Signature Bank has resulted in a void in the industry and a shifting crypto banking landscape. This transformation is taking place amid increasing regulatory scrutiny of the crypto sector in the United States. To adapt to these regulations, US crypto firms are turning to smaller regional lenders, such as Customers Bancorp Inc., while Swiss and Asian banks are becoming more involved in the crypto banking sector, albeit with selectivity. The UK has seen companies resort to payment-service providers due to difficulties accessing banking services. As a result, the crypto banking system has become more fragmented, with reduced emphasis on the US market. The new options for crypto firms require thorough due diligence as they are less well-known within the crypto community. This evolving situation reflects the challenges faced by the industry in obtaining reliable and accessible banking services, and it is expected to continue evolving as regulators maintain their scrutiny.

Become a member at https://plus.acast.com/s/the-crypto-sho.