Banks Now Allowed to Trade Crypto With OCC Approval

The U.S. banking industry is undergoing a significant transformation as the Office of the Comptroller of Currency (OCC) has granted permission for banks to participate in cryptocurrency trading on behalf of their clients. This authorization empowers financial institutions to buy and sell digital currencies when customers request it, provided they meet strict security standards. The move follows the removal of a prior regulatory barrier in March that had previously required pre-approval for such transactions, streamlining operations within the crypto realm.