While the full scope of the investigation remains unclear, the El Dorado Task Force has reportedly reached out to former Anchorage employees to inquire about internal compliance practices. The unit focuses on dismantling global money laundering networks.

Regulatory History Raises Questions

Back in April 2022, the OCC issued a consent order against Anchorage over weak customer due diligence and anti-money-laundering (AML) controls. Anchorage responded by pledging to improve its compliance efforts and continues to operate under that consent order.

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The probe comes at a time when Anchorage is actively marketing its regulated status to lawmakers. CEO Nathan McCauley recently attended a Digital Asset Summit at the White House and has positioned himself as a vocal critic of “debanking.” His close ties with the Trump camp — including public appearances with White House crypto advisers — have raised eyebrows among regulators.

Strategic Board Appointments to Navigate Compliance!

To help manage increasing scrutiny, Anchorage has added former regulators and bankers to its board. Notable additions include Connie Shoemaker (formerly of Goldman Sachs) and Julie Williams (former OCC general counsel). Former SEC crypto investigator TuongVy Le recently stepped back from her role as general counsel.

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Sygnum plans to use this investment to expand into new regions, develop Bitcoin (BTC)-focused products, and pursue strategic acquisitions. The company also aims to expand into the European Union and the European Economic Area, as well as establish a regulated presence in Hong Kong.

Fulgur Ventures stands out as one of the key investors in this growth round, known for backing major platforms such as Blockstream.

In addition to Fulgur Ventures, other strategic and financial investors, as well as Sygnum’s co-founders, board members, and team members, participated in the funding round. The company still retains majority control over its shares.

Massive Surge in Crypto Trading Volume in 2024

Sygnum experienced over a 1,000% increase in trading volume in 2024 compared to the previous year, largely driven by its collaboration with the Swiss state-owned bank PostFinance.

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Sygnum also achieved significant success through its partnerships with AsiaNext digital asset exchange and Hidden Road, using its 24/7 multi-asset settlement network, Sygnum Connect. More than 20 banks the company partners with provide regulated crypto services to a third of Switzerland’s population.

Sygnum’s CEO Mathias Imbach stated that the unicorn status validates the company’s business model but expressed concerns that Switzerland is losing its status as a major digital asset hub: “Switzerland is losing its competitive edge compared to other jurisdictions. We must not ignore the importance of continuous innovation in the financial sector.”

Imbach added, “Sygnum’s mission is only at the very beginning,” highlighting the company’s future innovative steps.

About Sygnum

Founded in 2017, Sygnum holds a banking license in Switzerland and capital market services and major payment institution licenses in Singapore. The company has over $5 billion in client assets and received $40 million in investment from Azimut Holding, an Italian asset management group, last year.

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Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, said in a statement, “The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly looking to partner with trusted and well-managed financial institutions.”

“For Sygnum, this fundraising will allow us to further develop our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”

Sygnum plans to use the newly raised capital to expand and grow the bank into new markets and to further develop its regulated products, such as bank-to-bank digital asset services.

Goh said in the statement that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but he could not provide further details due to the firm’s regulatory obligations.

The crypto bank raised $90 million in a previous Series B funding round completed in January 2022 with participation from several Asia-based investors, including Sun Hung Kai CO. &, Animoca Brands, and SBI Holdings.

According to the statement, Sygnum Bank, which is headquartered in Switzerland and Singapore, has also been granted operating licenses in Abu Dhabi and Luxembourg. The company added that it currently manages over $4 billion in assets from over 1,700 customers in 60 countries.

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