Anchorage Digital, the first federally chartered crypto bank in the U.S., is under preliminary investigation by the U.S. Department of Homeland Security (DHS), according to a report by Barron’s. The agency’s El Dorado Task Force, a unit known for probing transnational money laundering operations, is reportedly examining the firm’s internal compliance policies and potential gaps in regulatory adherence.
Sources familiar with the matter revealed that investigators have reached out to former Anchorage employees to gather insight into the company’s governance and compliance structure. While no formal charges have been filed, the nature of the task force’s involvement suggests a targeted review of the company’s anti-money laundering (AML) controls and adherence to Bank Secrecy Act (BSA) regulations.
The investigation coincides with internal executive movement. Barron’s reports that TuongVy Le, Anchorage’s general counsel, has stepped into an advisory role and is exploring external opportunities—raising further questions as the company contends with regulatory oversight and organizational transition.
Ongoing Regulatory Scrutiny in a Changing Landscape
This is not Anchorage’s first brush with regulators. In 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against the company, citing serious deficiencies in its know-your-customer (KYC) and AML procedures. The order mandated structural reforms and the implementation of new compliance frameworks—a process that remains ongoing.
The renewed scrutiny comes amid heightened debate over the so-called “debanking” of crypto firms—a practice where traditional banks sever ties with digital asset businesses. Anchorage CEO Nathan McCauley has taken a public stance on the issue, recently attending a White House crypto summit, where President Trump pledged to halt what the industry refers to as “Operation Choke Point 2.0.”
In a rare moment of bipartisan convergence, Senator Elizabeth Warren, a frequent critic of the crypto industry, expressed support for McCauley during his February Senate testimony. “I don’t think for a second that you should be locked out of our banking system,” she told the Anchorage executive—underscoring the political complexities surrounding regulatory treatment of digital asset firms.
Anchorage Gains Ground With Wall Street Despite Scrutiny
Despite the investigation, Anchorage has seen a surge in institutional momentum, bolstered by what many view as friendlier regulatory winds under the new Trump administration. The FDIC and OCC have begun to roll back certain restrictions, encouraging a more pragmatic engagement with crypto infrastructure providers.
Anchorage’s infrastructure is now being leveraged by top-tier financial players. In March, Cantor Fitzgerald appointed Anchorage and Copper.co as its official digital asset custodians. Soon after, BlackRock, the world’s largest asset manager, also selected Anchorage as one of the custodians for its spot crypto exchange-traded funds.
These partnerships reflect renewed institutional confidence, positioning Anchorage as a key bridge between traditional finance and the Web3 economy, even as it navigates the complexities of federal oversight.
Quick Facts
- The Department of Homeland Security is investigating Anchorage Digital Bank’s compliance practices.
- The probe follows previous regulatory actions citing AML and Bank Secrecy Act violations.
- Anchorage has partnerships with major financial institutions like BlackRock and Cantor Fitzgerald.
- The firm asserts its willingness to cooperate with any official investigations.
