Analysis:Crypto firms scramble for banking partners as willing lenders dwindle

LONDON : Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the U.S. last month, creating a risk their business will become concentrated in smaller financial institutions.

"Crypto and Web3 start-ups are telling us they simply cannot get a business bank account," said Marcus Foster, head of crypto policy at Coadec, a body representing UK start-ups. Foster said the issue has become"significantly worse" recently. However, the bank is not purely focused on crypto and has a broadly diversified business model, the spokesperson said.

"That places a greater degree of expectation on that firm to apply the right level of risk management and monitoring," she said.

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