U.S. crypto firms are turning to offshore banks for new accounts as a result of the crisis at home. European, Gulf and island nations are among the top contenders for their assets. egreechee and Aoyon_A report
that the closure of Signature Bank was part of a larger campaign against the crypto industry have raised concerns among industry participants.
Some crypto firms were already looking to go overseas or offshore even before the closing of these three banks, said Josh Frank, co-founder and CEO of information platform The willingness of internationally established banks to do business with U.S. crypto entities at the moment also hangs on the question of what the U.S. regulators will let the companies do for their banking partnerships."Many European and Asian banks also have some U.S. presence, which could presumably put them in sight of regulators if they are banking U.S. customers via offshore entities," Frank said.
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