Over the years, cryptocurrency companies have faced account closures and refusals of banking services due to de-risking policies. Many industry insiders believe this indicates a policy-driven effort to suppress digital assets, referred to as the 'ChokePoint 2.0 operation.'
After President Trump's supportive crypto team won the election, many believed the era of de-banking had come to an end. His policy actions initially indicated a friendly attitude towards digital assets, leading some to hope that banks would relax restrictions on crypto clients.
However, recent events indicate that this phenomenon still exists. Last week, Andreessen Horowitz partner Alex Rampell warned that major banks are squeezing fintech and crypto applications by increasing access to account data or transfer fees.
Alex Konanykhin, CEO of Unicoin, told Cointelegraph that U.S. banks continue to close accounts of crypto companies without explanation, despite increasing political pressure. He noted that five banks, including Citibank, Chase, and Wells Fargo, have severed ties with Unicoin or its subsidiaries.
Related Links: Trump to Order Investigation into Crypto and Political De-Banking: WSJ
Large-scale nationwide operation
Konanykhin stated that Unicoin has been de-banked by four banks this year, demonstrating that Chokepoint is a large-scale nationwide operation. Unicoin is a publicly reported company with six years of audited finances and over 4,000 shareholders.
Konanykhin added that the de-banking movement has created an 'extremely destructive and harmful' environment for U.S. crypto companies, making it difficult for them to obtain essential financial services and stifling the U.S. crypto industry.
Konanykhin expressed hope that the order proposed by Trump could provide relief. Ending de-banking would help U.S. crypto regain its global leadership position.
Meanwhile, Elizabeth Blickley of Fox Rothschild pointed out that Trump ordered various agencies to work with Congress to examine how to integrate crypto into mainstream finance, with actual changes depending on the wording of the final regulations.
In short, although legal and regulatory changes are slow, banks may continue to adopt a risk-averse attitude towards crypto until new rules clearly reduce perceived risks.
