Canada’s Banking War on Crypto—ATB Financial Stands Alone

Canada Crypto companies are stuck between two banking realities – ATB Financial, which welcomes Bitcoin and Ethereum companies, and the largest banks in the country, which do not want to have anything to do with them.

On February 6, Bloomberg reported that ATB Financial, a bank belonging to the government Albertahas become a crucial ally for cryptographic companies in CanadaBecause most large Canadian banks remain hesitant to provide financial services to digital asset companies.

The decision made Alberta a growing hub of blockchain companies, the provincial government to generate $ 3.5 billion in crypto and technology income by 2030.

ATB, who declared $ 28.3 billion in total deposits in 2024, quietly supported the cryptography industry for more than six years. In fact, during the Crypto 2021 boom, many companies moved to Alberta just to access ATB banking services.

However, despite its desire to work with industry, ATB remains a smaller player compared to the six largest banks in Canada, which control more than 90% of the bank assets regulated by the federal government.

These large institutions have largely avoided cryptographic companies, citing problems of conformity, regulatory uncertainty and risks associated with digital assets. The collapse of FTX (Ftt) At the end of 2022, only strengthened its prudent position.

Since then, Canada’s financial regulators have tightened monitoring of the cryptographic industry. In August 2023, Canadian securities administrators and the Canadian investment regulatory organization published an opinion forcing cryptographic platforms to register as investment merchants.

Many in the industry hoped that increased regulations would lead to greater acceptance of banks, but this change has been slow. Even with clearer rules in place, banks remain reluctant to open their doors to cryptographic companies.

Like Darcy Daubaras, Bitcoin Miner Hive Digital Technologies Bitcoin Miner, said it:

“But with many of the biggest banks in Canada with limited involvement in the crypto, increased regulations may not change their aversion to risks.”

The growing fracture

The situation in Canada contrasts with recent developments in the WE. There, banking restrictions on cryptographic companies have been largely motivated by government policies rather than the hesitation of industry.

After the return of Donald Trump to desk In January 2025, his administration took several professional favorables positions. Although this has opened the door to greater financial access to the United States, Canada’s banking sector has remained largely insensitive, keeping most of the crypto companies in length.

In the midst of this, tensions between Canada and the United States have also played in market uncertainty. On February 1, Trump imposed prices on Canadian products, trigger A sale on the financial markets, including the crypto. Ethereum (Ethn) and Bitcoin (BTC) has seen strong drops.

However, after Canadian Prime Minister Justin Trudeau obtained a 30 -day temporary break on prices on February 3, the feeling of the market has since stabilized.