- US banks keep closing crypto firms despite Trump’s pro crypto stance, continuing “Operation Chokepoint.”
- Debanking disrupts crypto businesses limiting access to basic financial services.
- Trump’s planned executive order aims to stop debanking.
Crypto companies are still getting kicked out by banks, even with President Trump’s pro crypto stance.
Unicoin’s CEO, Alex Konanykhi said US banks keep shutting down accounts for crypto firms without explaining why, calling it part of “Operation Chokepoint.” This has been a problem for years, with many in the industry believing it’s a deliberate move to hold back digital currencies.
Despite hopes that Trump’s election would stop this, banks like Citibank, Chase, and Wells Fargo have closed Unicoin’s accounts, showing the issue persists.
Bank Account Bans Slow Crypto Growth
Konanykhin said Unicoin lost accounts at four banks this year alone, calling it a nationwide effort. That’s “highly disruptive” for crypto businesses. Without basic banking services, these companies struggle to operate, which he says is choking the US crypto industry.
Andreessen Horowitz’s Alex Rampell also warned about “Operation Chokepoint 3.0,” where banks charge high fees or block transfers to platforms like Coinbase.
Bloomberg reported that Trump plans to sign an order pushing regulators to investigate. And punish banks for unfair debanking, which could help firms like Unicoin.
Konanykhin, who’s felt the sting of debanking himself, is hopeful this could let the US crypto scene shine globally, like Hollywood does for movies.
But change might not come fast. Elizabeth Blickley, a tax lawyer, said new rules, like those from the Genius Act, need clear wording to make banks feel safe with crypto. Right now, banks play it cautious because of risks, and new laws could face court battles. Until those rules are solid, banks will likely keep pushing crypto firms away.
Konanykhin believes ending this “war on crypto” could make the US a leader again, but for now, companies are stuck fighting for basic banking access.
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