A persistent problem that all crypto related companies face not only in the U.S. market, but also in many other global jurisdictions, is the inability to obtain even the most basic of banking services from domestic banking institutions. Bloomberg starts by quoting a complaint from Sam Bankman-Fried, CEO of quantitative crypto trading company Alameda Research:

The standard answer of ‘just go to your local Chase branch’ doesn’t work in crypto.” Bankman-Fried went on to say that banks have a legal right to pick and choose their clientele, whom they prefer to be on the low end of risk profiles or “it’s a massive compliance headache that they don’t want to put the resources in to solve.’

Bloomberg also cited Sonny Singh,…