Crypto firms face account closures and banking service denials under the label of de-risking, believed to be part of “Operation ChokePoint 2.0.” Despite hopes that President Trump’s pro-crypto stance would end debanking, recent incidents suggest the practice continues. Banks, including big banks like Citibank and Chase, are reportedly squeezing crypto apps with higher fees in “Operation Chokepoint 3.0.”

Unicoin CEO Alex Konanykhin claims that Unicoin has been debanked by four banks this year alone, indicating a large-scale nationwide operation. He notes the disruptive impact on US crypto companies, urging President Trump’s executive order to curb debanking. The order aims to penalize institutions involved in debanking and reinstate unlawfully denied services.

Elizabeth Blickley of Fox Rothschild’s Tax Controversy & Litigation Practice highlights the importance of the final wording of regulations for meaningful crypto integration into mainstream finance. While recent legislation like the Genius Act aims to design a regulatory framework for stablecoins, the success of crypto reform will depend on clear rules to reduce perceived risks for banks and entities.

Read more at Cointelegraph: Crypto Debanking Persists Despite Trump’s Pro-Crypto Push, Says Unicoin CEO