Banks under US pressure to cut ties with cryptocurrency companies

The US financial authorities are in talks with the institutions to break this type of ties

Financial authorities in the United States are pressuring banks to cut their ties with cryptocurrency companies, according to reports. The pressure is largely due to concerns about money laundering and terrorist financing, which it is feared could be facilitated by cryptocurrencies.

Some US banks, such as JPMorgan Chase and Bank of New York Mellon, responded to this pressure and decided to cut their ties with cryptocurrency companies. However, many other banks still maintain ties with these companies, and are facing increasing pressure from the authorities to do the same.

The pressure on banks to cut ties with cryptocurrency companies is part of a broader effort by authorities to regulate the cryptocurrency market and ensure its legitimate use. As the cryptocurrency market continues to grow, regulation and pressure on banks to cut ties with cryptocurrency companies is likely to continue to increase.

However, many cryptocurrency advocates argue that excessive regulatory measures can harm the growth and development of the cryptocurrency market, and that a balance must be found between regulation and market freedom.

As the pressure on banks continues, it is important to look at how this will affect the adoption and use of cryptocurrencies in the future. Ultimately, it will depend on the decisions made by authorities and banks on how to approach the cryptocurrency market.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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