https://www.ccn.com/crypto-startup-jp-morgan-chase-closed-our-account-with-no-explanationI've always been intrigued by bankiing's attitude towards crypto. It's rarely mentioned how tenuous the banking is of some of the biggest players. If Silvergate Bank decides to give up the ghost that might screw Coinbase, Kraken, Gemini and nearly 500 others.
As crypto gets bigger is the banking squeeze going to let up or increase? According to this article they were shut down the day after JPmorgancoin was launched.
Silvergate isn't the only player in this space, just the biggest. Metropolitan Bank has been banking with Coinbase and other cryptocurrency startups for years and they're actively pursuing partners in the space. I'm pretty sure there are others. There's too much opportunity for fledgling and niche banking institutions to ignore, and this is a time when cryptocurrency has much more mainstream legitimacy than years ago.
Speaking as a US resident, I think the banking squeeze for unregulated exchanges making international wires (like Bitfinex) will only get worse. For domestic users using MSB-licensed exchanges, you can hardly perceive any banking squeeze anymore. Bank transfers to/from Gemini or Coinbase are just like payroll transfers and bill payments -- fast with zero hassles.