Crypto-Friendly Bank Accounts: Which Banks Support Bitcoin?

Crypto-Friendly Banks Overview

Finding a bank that supports cryptocurrency activity remains one of the biggest operational challenges for Bitcoin users and crypto businesses. Between 2022 and 2024, US regulators effectively pressured banks to drop crypto clients through what the industry called "Operation Chokepoint 2.0." The two largest crypto-focused banks, Silvergate and Signature, both collapsed in March 2023, eliminating the primary banking rails for digital asset companies. A November 2025 House Financial Services Committee report documented at least 30 entities that lost banking access during this period.

The landscape has shifted significantly since early 2025. The SEC rescinded SAB 121 in January 2025, removing the accounting rule that forced banks to book client crypto assets as balance-sheet liabilities. The OCC issued interpretive letters confirming that national banks may engage in crypto custody, stablecoin activities, and blockchain transactions without prior approval. In August 2025, President Trump signed an executive order titled "Guaranteeing Fair Banking for All Americans," formally ending the debanking campaign. These regulatory reversals have reopened the door for traditional financial institutions to serve crypto clients, though many banks remain cautious.

The following table compares current banking options across the spectrum, from crypto-native neobanks to traditional brokerages with Bitcoin exposure.

Operation Chokepoint 2.0: What Happened

Between 2022 and 2024, US federal regulators systematically pressured banks to cut ties with cryptocurrency companies. The campaign was nicknamed "Operation Chokepoint 2.0" (a term coined by investor Nic Carter in February 2023) after a similar Obama-era program that targeted payday lenders and gun dealers.

Starting in 2022, the FDIC issued 25 "pause letters" to 24 financial institutions, instructing them to halt crypto-related activities until receiving explicit regulatory approval. These letters, sent from FDIC regional offices in New York, Chicago, Kansas City, Dallas, and San Francisco, effectively created an unofficial moratorium on bank-crypto relationships. The letters were not public: they only came to light after Coinbase hired a research firm (History Associates Inc.) to sue for their release under FOIA. In February 2025, the FDIC released 175 documents exposing the full scope of its crypto supervision campaign.

The consequences were severe. Silvergate Bank, which operated the Silvergate Exchange Network (SEN) for real-time crypto settlement, announced voluntary liquidation in March 2023 after losing over $8 billion in deposits following the FTX collapse. Signature Bank, which ran the competing Signet instant settlement platform, was seized by regulators the same month. Anchorage Digital, the only crypto company holding a federal bank charter from the OCC, reported being refused banking services by approximately 40 banks and laid off 20% of its workforce as a result.

The regulatory reversal began in January 2025 when the SEC rescinded SAB 121 by issuing SAB 122, removing the requirement for banks to record custodied crypto assets as on-balance-sheet liabilities. The FDIC followed with FIL-7-2025, clarifying that prior FDIC approval is not required for banks to engage in permissible crypto activities. In April 2025, the Federal Reserve officially withdrew its supervisory letters on digital assets. By August 2025, a presidential executive order formally prohibited the debanking of lawful businesses based on industry category. For a deeper look at the regulatory framework, see our guide on KYC/AML requirements and the Money Services Business classification.

Neobanks for Crypto Companies

Mercury

Mercury is the most widely used neobank among crypto startups, serving over 200,000 companies with $650 million in annualized revenue as of late 2025. Mercury explicitly markets to web3 companies, offering a dedicated crypto perks bundle with credits for node access, contract tools, and compliance partners. Accounts are held through partner banks (Choice Financial Group and Column N.A.) with FDIC coverage up to $5 million through sweep networks.

The restrictions are significant: Mercury prohibits crypto exchanges, trading companies, crypto funds, P2P platforms, and any entity classified as a Money Services Business under FinCEN. A crypto startup building developer tools or infrastructure can open an account; a company operating an exchange cannot. Mercury allows wires to regulated exchanges like Coinbase and Gemini as incidental business activity. In December 2025, Mercury applied for an OCC national bank charter, which could eventually change its crypto policies if approved.

Relay Financial

Relay Financial explicitly prohibits all cryptocurrency businesses and crypto-related transactions. Crypto is listed as a prohibited industry for account opening, and the restriction extends to debit card, ACH, and wire transactions involving crypto. The prohibition stems from Relay's banking partner, Thread Bank, whose internal compliance regulations do not permit crypto activity. Relay is not a viable option for any crypto-related business.

Juno Finance (Shut Down)

Juno Finance, which marketed itself as a crypto-friendly neobank offering checking accounts with crypto integration, is a cautionary tale about Banking-as-a-Service dependency. When Juno's middleware provider Synapse filed for bankruptcy in April 2024, banking and card services were completely disrupted. Over 100,000 customers across multiple Synapse-dependent fintechs lost access to funds, with an estimated $96 million frozen or missing. Juno shut down all services by September 30, 2025. The California DFPI issued a Desist and Refrain Order against Juno for misrepresenting FDIC coverage. The Synapse collapse led the FDIC to propose new custodial account recordkeeping rules.

Chartered Banks Serving Crypto

Customers Bank

Customers Bank operates cubiX (formerly CBIT), a blockchain-based settlement platform that allows institutional clients to move US dollar deposits on a private permissioned ledger with 24/7 availability and near-instant finality. The bank processed approximately $1.5 trillion in digital asset transaction volume in 2024. Clients include Coinbase, Gemini, and Crypto.com, along with market makers, stablecoin providers, and institutional investors.

Customers Bank has capped crypto client deposits at 15% of total deposits to limit concentration risk. In August 2024, the Federal Reserve issued an enforcement action citing deficiencies in AML/BSA risk management, and the bank reportedly debanked some digital asset hedge funds in mid-2024. The bank has since hired new digital asset leadership and is rebuilding its crypto strategy.

Cross River Bank

Cross River Bank has become a key banking partner for major crypto companies, providing services to Circle, Coinbase, and Lightspark. The bank launched a stablecoin payments platform in November 2025, unifying fiat and USDC flows through its core banking infrastructure. Use cases include merchant payouts, on/off ramps, network settlement, and treasury management on Ethereum and Solana. In March 2026, Cross River raised $50 million to expand its crypto and embedded finance infrastructure. Cross River also participates in Visa's USDC stablecoin settlement pilot and partners with Chainalysis for transaction monitoring.

Lead Bank

Lead Bank is a state-chartered, FDIC-insured bank that has emerged as a significant player in crypto banking. The bank provides BaaS for fintechs and crypto companies, offering fiat-to-crypto and crypto-to-fiat conversion through FBO accounts and payment rails. Lead Bank acquired Loop, a stablecoin payments company, and serves as the card-issuing partner for Bridge and Visa's stablecoin-linked card product, which expanded to a 100-country rollout in March 2026. Lead Bank closed a $70 million Series B in September 2025 at a $1.47 billion post-money valuation.

Western Alliance Bank

Western Alliance Bank operates a dedicated Blockchain & Digital Assets Group offering 24/7 real-time blockchain-based payments through the TassatPay network. TassatPay tokenizes US dollar deposits for instant settlement between network participants. The bank targets blockchain innovators, companies moving onto decentralized networks, and digital asset businesses, positioning itself as one of the first major banks to implement a blockchain-based digital payments platform.

Traditional Banks and Brokerages

Chase (JPMorgan)

JPMorgan Chase allows ACH transfers and wire transfers to licensed US crypto exchanges regulated by FinCEN and FINRA. Crypto-related transactions are subject to additional verification and security reviews. In July 2025, JPMorgan announced a strategic partnership with Coinbase, enabling Chase credit card funding of Coinbase accounts and a direct bank-to-wallet API connection. On the institutional side, JPMorgan operates JPM Coin and Kinexys, blockchain-based settlement rails for large clients, making it one of the most active institutional-grade blockchain banks despite its cautious retail stance.

Fidelity

Fidelity operates Fidelity Digital Assets, N.A., a national trust bank dedicated to crypto custody that received an OCC charter. Approximately 95% of client Bitcoin holdings are stored in geographically distributed cold storage vaults. Fidelity runs the Fidelity Wise Origin Bitcoin Fund (FBTC), one of the largest spot Bitcoin ETFs. Retail brokerage clients can trade Bitcoin and Ethereum directly within the Fidelity app. In early 2026, Fidelity launched FIDD (Fidelity Digital Dollar), a stablecoin pegged 1:1 to the US dollar and operating on Ethereum, with daily disclosures of reserves.

Charles Schwab

Schwab announced plans in April 2025 to launch direct spot crypto trading, starting with Bitcoin and Ethereum, through the Thinkorswim platform. Schwab has reported a 400% increase in traffic to crypto-related content, with 70% of that traffic from new prospects. Previously, Schwab only provided indirect crypto exposure through exchange-traded products like the iShares Bitcoin Trust (IBIT). Schwab manages over $10 trillion in client assets and is also considering issuing its own stablecoin.

What to Look for in a Crypto-Friendly Bank

Choosing a bank as a crypto user or business requires evaluating several factors beyond standard banking features:

• Exchange wire support: can you send wires or ACH to crypto exchanges without triggering account reviews or closures?
• MSB acceptance: if your business is classified as a Money Services Business, most neobanks will reject your application outright
• Debanking history: has the bank or its banking partner previously closed accounts for crypto-related activity?
• Partner bank stability: for neobanks, evaluate the underlying chartered bank, not just the fintech brand (Juno's collapse demonstrated this risk)
• FDIC coverage scope: sweep networks can extend coverage well beyond the standard $250,000 limit
• Stablecoin settlement: does the bank support on-ramp and off-ramp flows for stablecoin conversion?
• Regulatory posture: banks that have publicly committed to serving crypto are less likely to reverse course during the next regulatory cycle

For businesses that need stablecoin settlement without traditional banking friction, Bitcoin-native solutions like Spark offer an alternative path. Stablecoins such as USDB enable instant dollar-denominated transfers on Bitcoin without requiring a crypto-friendly bank for every transaction. See our crypto on-ramp comparison for more on converting between fiat and crypto.

Business vs. Personal Accounts

The crypto-friendliness of a bank often differs sharply between personal and business accounts. Retail customers generally face fewer restrictions: most major banks allow individuals to wire funds to licensed exchanges for personal investing. Business accounts receive far more scrutiny, particularly for companies whose primary revenue involves crypto trading, custody, or transmission.

Businesses operating in the crypto space should also understand the regulatory implications of their activities. Companies that transmit, exchange, or custody crypto for others typically require MSB registration with FinCEN and state-level money transmitter licenses, which further narrows the pool of banks willing to serve them. For analysis of how neobanks approach these business models, see our neobank business model analysis.

The Stablecoin Alternative

The persistent difficulty of crypto banking has accelerated adoption of stablecoins as a parallel financial rail. Rather than routing every transaction through a traditional bank, many crypto businesses now use stablecoins for settlement, payroll, and treasury management, only touching the banking system for initial on-ramps and final off-ramps. This trend is accelerating: Fidelity launched its own stablecoin (FIDD) in 2026, Wells Fargo filed a trademark for "WFUSD," and multiple major banks are exploring consortium stablecoin projects.

Cross River Bank's stablecoin payment infrastructure exemplifies this convergence: fiat and USDC flows are unified through the same API, enabling merchant payouts that start as bank deposits and settle as stablecoins on Ethereum or Solana. On the Bitcoin side, USDB on Spark provides dollar-denominated settlement without leaving the Bitcoin ecosystem, bypassing the need for Ethereum bridging or traditional correspondent banking. For a detailed comparison of stablecoin options, see our stablecoin comparison tool.

Frequently Asked Questions

Can I buy Bitcoin with a regular bank account?

Yes. Most major US banks, including Chase, Bank of America, and Wells Fargo, allow customers to send wire transfers and ACH payments to licensed crypto exchanges like Coinbase and Kraken. The bank itself does not facilitate the Bitcoin purchase: you fund your exchange account with fiat, then buy Bitcoin on the exchange. Some banks may flag large or frequent transfers to exchanges for additional review. As of January 2026, Bank of America authorized over 15,000 wealth advisors to actively recommend crypto ETFs to clients.

Which banks have been known to close accounts for crypto activity?

During the Operation Chokepoint 2.0 period (2022 to 2024), many banks closed accounts tied to crypto businesses. Silvergate and Signature Bank, the two largest crypto-focused banks, both failed in March 2023. Anchorage Digital, despite holding a federal bank charter, was refused by roughly 40 other banks and had to lay off 20% of its workforce. Customers Bank reportedly debanked some digital asset hedge funds in mid-2024. Relay Financial, Grasshopper Bank, and many traditional banks continue to list crypto as a prohibited industry for business accounts.

What is Operation Chokepoint 2.0?

Operation Chokepoint 2.0 refers to a coordinated effort by US federal regulators between 2022 and 2024 to restrict banking access for crypto companies. The FDIC issued 25 "pause letters" to 24 banks instructing them to halt crypto services. The term was coined by investor Nic Carter in February 2023. The campaign was reversed in 2025 through SAB 121's rescission, the FDIC releasing 175 documents exposing the campaign, the Federal Reserve withdrawing its supervisory letters on digital assets, and a presidential executive order prohibiting industry-based debanking.

Do I need a special bank account for a crypto business?

It depends on your business model. A company building crypto developer tools or SaaS products can typically open a standard business checking account at a neobank like Mercury. A company that transmits, exchanges, or custodies crypto for others will likely need to register as a Money Services Business with FinCEN, which dramatically limits available banking partners. Chartered banks like Customers Bank, Cross River Bank, and Lead Bank are among the few that accept MSB-classified crypto businesses.

Is my crypto protected by FDIC insurance?

No. FDIC insurance covers US dollar deposits held at member banks, not cryptocurrency. If you hold fiat dollars in a bank account at an FDIC-insured institution, those dollars are protected up to $250,000 (or more through sweep networks). Bitcoin, stablecoins, and other digital assets held at exchanges or in self-custody wallets are not covered by FDIC insurance. The Juno Finance collapse demonstrated this gap: customers believed their deposits were FDIC-protected, but the Synapse bankruptcy left funds frozen for months.

What happened to Silvergate and Signature Bank?

Silvergate Bank announced voluntary liquidation in March 2023 after losing over $8 billion in deposits, largely driven by the fallout from FTX's bankruptcy in late 2022. It recorded a $718 million loss covering those withdrawals. Signature Bank was seized by regulators the same month. Both banks operated critical real-time settlement networks (Silvergate Exchange Network and Signet) that crypto companies depended on for 24/7 dollar transfers. Their loss forced the industry to find alternatives like Customers Bank's cubiX platform.

Can I use stablecoins instead of a bank for crypto business operations?

Partially. Stablecoins can replace banks for settlement between crypto counterparties, payroll to contractors who accept crypto, and cross-border payments. However, most businesses still need a bank account for tax obligations, receiving fiat revenue from non-crypto clients, and on-ramping and off-ramping between fiat and crypto. The practical approach for most crypto businesses is a hybrid model: a crypto-friendly bank for fiat operations and stablecoins for crypto-native settlement flows.

This tool is for informational purposes only and does not constitute financial advice. Banking policies, regulatory requirements, and crypto-related services change frequently. Always verify current policies directly with the bank before opening an account or initiating crypto-related transactions.