Anchorage Digital Faces US Probe Amid Crypto Expansion

Anchorage Digital, a prominent cryptocurrency firm backed by Wall Street, is currently under scrutiny from the US Department of Homeland Security's El Dorado Task Force. The investigation, which began in recent weeks, involves contacting former employees of the company to examine its practices and policies. The probe is reportedly focused on potential financial crimes within Anchorage, although specific details have not been disclosed.

The El Dorado Task Force, established in 1992, is known for its focus on transnational money laundering activities and financial crimes carried out by organizations. This investigation hints at cross-national financial activities, given Anchorage's operations in the US, Singapore, and Portugal. The company was co-founded by Portuguese-American entrepreneur Diogo Mónica and Nathan McCauley, and its investors include notable names such as Andreessen Horowitz, Goldman Sachs, and Visa.

Anchorage Digital holds a unique position 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 advanced regulatory position, the company has faced regulatory challenges. In April 2022, the OCC issued a consent order against Anchorage for deficiencies in its Bank Secrecy Act and Anti-Money Laundering compliance programs. The company was ordered to establish a committee to address these issues under the oversight of the OCC.

Anchorage Digital has been expanding its crypto footprint since its founding in 2017, offering services for institutional clients. The company is a custodian of BlackRock's Bitcoin exchange-traded funds (ETFs) alongside Coinbase and BitGo. Another notable client is Cantor Fitzgerald, for which Anchorage provides custody and collateral management for its Bitcoin holdings. The company reported over $50 billion in assets under management in 2024.

Anchorage's competitors in the custody space include Ripple, Kraken, Taurus, and Fireblocks. However, traditional financial institutions such as HSBC, Citi, and BNY Mellon are also entering the crypto field to safeguard digital assets for institutional clients. According to Adam Levine, senior vice president of corporate development at Fireblocks, the US market lacks qualified custodians for digital assets, indicating a growing demand for institutional-grade custody services.

This scrutiny from the US Department of Homeland Security comes at a time when institutional investors are increasingly allocating assets to cryptocurrencies. A 2025 survey reveals that 59% of institutional investors plan to allocate over 5% of their assets under management to cryptocurrencies, highlighting the need for robust and compliant custody solutions.