Crypto firms in the US continue to face barriers in accessing banking services, despite support from Donald Trump.
Current Situation with Account Closures
According to Unicoin's CEO, Alex Konanykhin, US banks keep shutting down accounts for crypto firms without explanation, which he refers to as part of 'Operation Chokepoint'. This has been an ongoing issue for years, with many in the industry believing it is a deliberate effort to hold back digital currencies.
Impact of Debanking on the Crypto Industry
Konanykhin noted that Unicoin lost accounts at four banks this year alone, calling it a nationwide effort against crypto firms. He argues that without basic banking services, these companies struggle to operate, which is choking the growth of the US crypto industry.
Prospects for Change
Trump plans to sign an order encouraging regulators to investigate and penalize banks for unfair debanking. Konanykhin hopes that this could help crypto firms, however, lawyer Elizabeth Blickley warns that new rules need precise wording to make banks feel secure when dealing with crypto assets.
The closure of accounts remains a significant obstacle to the development of the crypto industry in the US, as firms continue to fight for access to basic banking services, hoping for legislative changes.
