Crypto companies have faced account closing and declining banking services for many years under the de-risking label. Many in the crypto industry believe that debanking represents an effort -driven policy to suppress digital assets, referred to as the “Operation Chokepoint 2.0.”
After winning President Donald Trump’s pro-crypto team, many believe that the debanking period ended. His rhetoric in campaign and Early policy moves already signed A more friendly environment for digital possessions, leading some to expect banks will alleviate restrictions on crypto clients.
However, recent incidents suggest that the practice remains hidden. Last week, Andreessen Horowitz’s partner Alex Rampell warned Those large banks squeeze Fintech and Crypto apps with “Operation Chokepoint 3.0,” through hiking fees to access account data or transfer funds to platforms such as Coinbase and Robinhood.
Echoing these concerns, Alex Konanykhin, CEO of Unicoin, told Cointelegraph that US banks are constantly closing accounts for crypto companies without explanation, despite growing political pressure to end practice.
“We know about it in the first hand, because Unicoin and its subsidiaries have been de-banked, without explanations, many banks,” Konanykhin said. He has listed five banks that cut off unicoin or its subsidiaries in recent years, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank.
The Cointelegraph reached all of these banks for comment but did not receive a response by publishing.
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Large Size “Nationwide Operation”
Konanykhin admitted that Unicoin had been debanking four banks this year, “suggesting that Chokepoint is a major operation nationwide.” UNICOIN is a public corporate reporting of a six -year -old financial and over 4,000 shareholders.
Konanykhin added that the debanking campaign has created “highly disturbing and destructive” conditions for US crypto companies, eliminating access to basic financial services and “suppressing the American Crypto industry.”
On Thursday, Bloomberg reported that President Trump would do Sign an Executive Order Directing federal bank regulators to identify and punish financial institutions engaged in debanking.
Following -Next will be reported to require regulators to check the complaint data, while banks administered by small business administration must work to restore unlawful clients who have rejected the services.
Konanykhin announced hope that President Donald Trump’s proposed executive order to prevent debanking could bring relief. “The president is aware of the first-banking of the first-hand and seems determined to stop this form of economic war against American businesses,” he said.
He said the end of debanking would help us regain global leadership. “The end of the Crypto war will boost the American crypto industry. It can be a worldwide effect because Hollywood is in the recreation or Silicon Valley here,” he said.
Related: Trump to order an investigation of crypto and political claims: WSJ
Crypto reform depends on the final word of policies
Meanwhile, Elizabeth Blickley, a partner at Fox Rothschild’s controversy & litigation practice, said that while Trump has appointed agencies and congress to evaluate how crypto can be integrated with basic finances, significant changes depends on the final word of regulations and laws.
He pointed out the recently signed Genius Act, which provides the Federal Reserve’s Stablecoin certification review of 180 days to design a regulatory framework.
Blickley warned that most of the bills in Congress never do so on the committee and that any final law is likely to deal with the trial from both sides of the regulation debate. “A regulation may comply with the President’s request or a law passed, however with minimal application or incredible effects based solely on the word option,” he said.
So far, Blickley said the banks are likely to continue their risk-averse bearing towards the crypto until new rules clearly reduce the detected risks. “It’s all about making risks-averse entities and people feel like crypto is not much danger,” he concluded.
