Updated on:12/07/2025 05:06 PM 
A recent investigation by Protos has uncovered significant business ties between San Diego-based Axos Bank and several entities facing regulatory scrutiny in the cryptocurrency sector and beyond.
Axos Bank, operating as the digital banking division of Axos Financial headquartered in Las Vegas, Nevada, has established numerous financial relationships with individuals and organizations currently under investigation by regulatory bodies and prosecutors.
The bank has maintained active partnerships with Binance.US and its parent company BAM Trading, despite ongoing legal challenges faced by these cryptocurrency platforms. As of May 2023, Binance.US and BAM Trading operated more than ten accounts with Axos, collectively holding approximately $377 million in customer assets.
Axos Bank offers specialized financial services through its AxPay platform, designed specifically for cryptocurrency companies to navigate traditional banking systems. This proprietary fund transfer solution functions similarly to services previously offered by Signature Bank and Silvergate, both of which ceased operations earlier this year.
Despite minimal disclosure of its cryptocurrency industry involvement in quarterly financial reports, Axos Bank began accepting deposits from Binance US entities in January 2023, raising questions about the bank's actual exposure to digital assets.
Axos Bank's portfolio of notable clients extends well beyond its cryptocurrency engagements. The institution has served as the financial backbone for Alex Jones, the prominent conspiracy theorist behind InfoWars, whose parent company Free Speech Media also maintained accounts with the bank. In September 2023, Axos terminated these relationships, citing unauthorized transactions as the basis for this decision.
Another high-profile connection involves former U.S. President Donald Trump. According to a July Washington Post report, Axos Bank's CEO Gregory Garrabrants personally approved $225 million in loans to Trump after multiple financial institutions had distanced themselves following the January 6th Capitol incident.
These financial arrangements provided crucial stability to Trump's post-presidential financial position, supporting his potential candidacy in the 2024 presidential election. Regarding the lending decision, Garrabants emphasized the profitability potential of these loans, stating, "It wouldn't matter if I was friends with someone, I'm not going to make a loan that's no good. I don't like anyone that much."
The distinctive network of relationships cultivated by Axos Financial has drawn increased attention to the institution's business approach and risk assessment methodologies. As the cryptocurrency ecosystem continues to evolve, the operational practices of financial institutions like Axos are expected to remain subjects of intense examination and debate within the blockchain community.
