The US Department of Homeland Security's El Dorado Task Force has initiated an investigation into Anchorage Digital Bank, a cryptocurrency firm backed by Wall Street. According to reports, task force members have contacted former employees to scrutinize the company's practices related to potential financial crimes. The El Dorado Task Force focuses on transnational money laundering and financial crimes. Founded in 2017 and the only federally chartered crypto bank in the US, Anchorage has operations in Singapore and Portugal, and investors including Andreessen Horowitz, Goldman Sachs, and Visa. Despite being a regulated entity, Anchorage has faced previous compliance issues, notably in its Bank Secrecy Act and Anti-Money Laundering programs. This latest investigation underscores the challenges and scrutiny facing cryptocurrency firms as they navigate an increasingly regulated landscape.

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