Crypto Debanking Persists Despite Political Shift

For years, crypto companies have struggled with sudden bank account closures and denied financial services—often justified as “de-risking.” Many in the industry see this as a coordinated effort to stifle digital assets, known as “Operation ChokePoint 2.0.”

Following Donald Trump’s election victory with a pro-crypto platform, optimism spread that such restrictions would ease. His early policy moves suggested a friendlier approach to digital assets, leading many to believe banks would loosen their stance on crypto clients.

However, recent events suggest otherwise. Last week, Andreessen Horowitz partner Alex Rampell warned of an “Operation Chokepoint 3.0,” where major banks are pressuring fintech and crypto apps by raising fees for account access and transfers to platforms like Coinbase and Robinhood.

Echoing these concerns, Unicoin CEO Alex Konanykhin told Cointelegraph that U.S. banks continue to close crypto-related accounts without explanation—despite mounting political pressure to end the practice. “Unicoin and its subsidiaries have been de-banked by multiple institutions,” he said, naming Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank among those severing ties over the years.

A Chase spokesperson declined to address specific cases but expressed support for the Trump administration’s push to remove unnecessary regulatory barriers and modernize anti–money laundering rules.

A Widespread Issue

Konanykhin revealed that four banks cut ties with Unicoin just this year, calling it evidence of a “large-scale nationwide operation.” Unicoin, he noted, is a publicly reporting company with six years of audited financials and more than 4,000 shareholders.

He warned that this wave of debanking is creating “highly disruptive and damaging” conditions for crypto businesses in the U.S., depriving them of essential financial services and undermining the country’s position in the global crypto market.

Bloomberg reported Thursday that President Trump plans to sign an executive order instructing federal bank regulators to investigate and penalize financial institutions engaged in debanking. The order would require regulators to review complaint data, and banks under the Small Business Administration’s oversight would be obligated to reinstate customers who were unlawfully denied services.

Konanykhin welcomed the move, saying, “The President knows the pain of de-banking first-hand and seems determined to stop this form of economic warfare against American businesses.” He argued that ending debanking could help the U.S. crypto industry achieve global prominence, much like Hollywood in entertainment or Silicon Valley in technology.

Regulatory Change Still Uncertain

Elizabeth Blickley, a partner at Fox Rothschild’s Tax Controversy & Litigation Practice, noted that while Trump has tasked agencies and Congress with exploring ways to integrate crypto into mainstream finance, the true impact will hinge on the exact wording of new laws and regulations.

She pointed to the recently enacted Genius Act, which gives the Federal Reserve’s Stablecoin Certification Review Committee 180 days to develop a regulatory framework. However, she cautioned that many bills never leave committee, and any passed legislation could face lawsuits from both regulatory supporters and opponents.

“Even if a law or regulation technically aligns with the President’s request, small choices in language could limit its effectiveness or skew its impact,” she warned.

Until clear, risk-reducing rules are in place, Blickley expects banks to maintain a cautious approach toward crypto. “It’s about making risk-averse institutions and individuals see crypto as less of a risk,” she said.