US Banks Enable 'No-KYC' Crypto Spending Cards Worth Millions

A recent investigation by Fintech Business Weekly has shed light on the widespread use of 'no-KYC' crypto spending cards in the US, which allow users to spend millions of dollars without any individual identity verification.

The investigation found that these services are using the American banking system exactly as designed, exploiting a loophole in the corporate-card framework. The mechanism is straightforward: companies complete Know Your Business (KYB) verification, but regulators do not mandate individual identity verification for cardholders.

Five US financial institutions were identified as issuing bank identification numbers (BINs) to no-KYC services: Fifth Third Bank, The Central Trust Bank, Column, Regions Bank, and Sutton Bank. Sutton Bank, which has been operating under a federal consent order since 2024 over BSA/AML compliance deficiencies and third-party risk-management failures, was found to have issued BINs to multiple no-KYC providers.

The investigation also found that these services are not only operating openly but also processing millions of dollars in transactions. One service, CinCin Exchange, offered Visa- and Mastercard-branded cards with monthly spending limits as high as $2 million per card, while another service, PayWithUs, used the same Sutton-Bluebanc pathway to make unauthorized purchases.