Investigation Into Anchorage Digital: A Deep Dive Into Regulatory Scrutiny

The US Department of Homeland Security’s El Dorado Task Force has reportedly initiated an investigation into Anchorage Digital Bank, a notable player in the cryptocurrency sector backed by Wall Street. According to a report from April 14 by Barron’s, the task force has reached out to former employees to scrutinize the company’s practices and policies, with focus on potential financial crimes that may have occurred within its operations.

This inquiry seems to highlight concerns regarding international financial transactions and activities. The El Dorado Task Force, established in 1992, is primarily dedicated to tackling transnational money laundering and financial crimes undertaken by various organizations.

Founded by Diogo Mónica and Nathan McCauley, Anchorage has expanded its presence beyond the US with operations in Singapore and Portugal. Its elevated profile is bolstered by investments from recognized firms such as Andreessen Horowitz, Goldman Sachs, and Visa.

Anchorage Digital holds a pioneering status as the only federally chartered crypto bank in the United States, having received its national trust bank charter from the Office of the Comptroller of the Currency (OCC) in January 2021. Despite this backwardly progressive framework, Anchorage has encountered regulatory challenges. Specifically, in April 2022, the OCC issued a consent order against the bank due to deficiencies in its programs concerning the Bank Secrecy Act and Anti-Money Laundering compliance. The regulatory authority mandated the establishment of a committee to address these deficiencies under the OCC’s oversight.

Anchorage’s Crypto Footprint

Since its inception in 2017, Anchorage has notably increased its influence in the digital asset space by catering to institutional clients. It serves as a custodian for BlackRock’s Bitcoin exchange-traded funds (ETFs) alongside well-known firms like Coinbase and BitGo. Notably, BlackRock’s BTC funds have garnered over $35.5 billion in cumulative inflows since their launch in January 2024.

Moreover, Anchorage’s portfolio includes significant clientele such as Cantor Fitzgerald, for whom it has provided custody and collateral management for Bitcoin holdings since March 2025. The company reported over $50 billion in assets under management in 2024, underlining its critical role in the market.

In a landscape filled with competitors—including Ripple, Kraken, Taurus, and Fireblocks—Anchorage faces challenges not only from crypto startups but also from established financial institutions such as HSBC, Citi, and BNY Mellon, all vying to safeguard digital assets for their institutional clientele.

According to Adam Levine, senior vice president of corporate development at Fireblocks, the US market is currently limited in options for qualified custodians for digital assets. The demand for qualified custodians remains high, as evidenced by a 2025 survey by EY, which found that 59% of institutional investors plan to allocate over 5% of their assets to cryptocurrencies, reflecting the growing appetite for institutional-grade custody services.

This investigation into Anchorage Digital Bank emphasizes the need for rigorous oversight in the rapidly evolving financial landscape of cryptocurrencies. As institutional interest in digital assets grows, the imperative for compliance and transparent operations becomes increasingly critical.