Crypto bank Anchorage Digital cuts 20 of staff amid regulatory uncertainty, market volatility

Anchorage Digital, the only federally chartered crypto bank in the U.S., said Tuesday that it would cut about 20% of its staff amid regulatory uncertainty in the U.S., macroeconomic challenges and crypto market volatility. “The strategic adjustments we are undertaking have been developed over the course of a several months-long review process,” the company said in a statement. The announcement came just days after regulators took control of crypto friendly Signature Bank and Silicon Valley Bank amid runs on deposits and questions about their solvency. While both of those institutions were chartered and regulated by state agencies, Anchorage Digital operates under the oversight of the federal Office of the Comptroller of the Currency. The bank cited regulatory uncertainty in the U.S., macroeconomic challenges and crypto market volatility. Our clients should experience no disruption in service,” the company said. “We remain optimistic about the digital economy and our place within it.