State Street Bank may terminates its support for crypto companies: Report
Reportedly State Street Bank is in the process to terminate its support for all the crypto hedge firms.
State Street Corporation is an American financial services and bank holding company. This company is headquartered at One Lincoln Street in Boston with operations worldwide. This company is the second-oldest continually operating United States bank. This corporation trades under the index STT.
In June 2021, State Street established its new division to support crypto companies. Through the new division, the bank added support for several crypto hedge companies and also for those companies which were providing services around cryptocurrency, central bank digital currency, blockchain technology, and tokenization.
On 10 April 2023, Popular crypto proponent & market insider Andrew disclosed that rumours swirling that State Street Bank $STT is in the process of de-platforming nearly all crypto hedge fund relationships; direct and indirect.
According to Andrew, the United States Securities and Exchange Commission (SEC), the Federal Reserve, & the Office of the Comptroller of the Currency (OCC) are working together under Operation Choke Point 2.0, a US government agencies’ propaganda against crypto companies.
BinanceUS looking for a Banking partner
Between Feb to March of this year, crypto-friendly banks Silvergate Bank & Signature Bank collapsed badly.
Under the leadership of corresponding US financial bodies, these banks handed over to other banks & assets have been liquidated. They rescued all the Bank’s non-crypto customers but they left crypto customers.
In the present time, popular crypto exchange BinanceUS, an independent subsidiary of global crypto exchange Binance, reportedly failed to get a new banking partner.
Read also: In China, Tik-Tok adds Bitcoin price search support
