US banks are still shutting down crypto firm accounts despite political promises to end “Operation Chokepoint” practices, raising fears of a continued financial blockade on the industry.
Crypto companies in the United States remain under pressure as major banks continue to close accounts without explanation. This persistent “debanking” has been widely linked to a policy-driven effort known as Operation Chokepoint 2.0 — and, more recently, Operation Chokepoint 3.0.
The latest warning came from Alex Rampell, partner at Andreessen Horowitz, who accused big banks of squeezing fintech and crypto platforms like Coinbase and Robinhood by raising fees for account access and fund transfers.
Alex Konanykhin, CEO of Unicoin, told Cointelegraph that the debanking trend remains “highly disruptive and damaging,” despite President Donald Trump’s pro-crypto stance.
“We know about it first-hand, as Unicoin and its subsidiaries have been de-banked by several banks,” he said, naming Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank among the institutions involved.
Konanykhin revealed that four banks cut ties with Unicoin just this year, suggesting the crackdown is a “large-scale nationwide operation.” Unicoin, a publicly reporting corporation with over 4,000 shareholders and six years of audited financials, has been denied basic financial services critical to operations.
Trump’s Executive Order on the Horizon
Bloomberg reported that President Trump is preparing an executive order directing federal bank regulators to identify and penalize institutions engaged in debanking. The move would require agencies to review complaint data and mandate that banks under the Small Business Administration reinstate unlawfully denied clients.
Konanykhin believes the measure could help restore US crypto leadership:
“Ending the War on Crypto will boost the American crypto industry. It may become as impactful internationally as Hollywood is in entertainment or Silicon Valley in IT.”
Legal experts caution that change will depend on the final wording of rules and legislation. Elizabeth Blickley of Fox Rothschild noted that while Trump’s directives aim to integrate crypto into mainstream finance, implementation details will determine the true impact.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.