US Crypto Firms Encounter Banking Barriers Despite Policy Support

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by Giorgi Kostiuk

2 years ago

Crypto companies in the USA face banking challenges, complicating account openings and business management.

Banking Access Restrictions

The issue of banking access worsened in 2023 when several crypto-friendly banks began to collapse. This sparked fears of a government attempt to halt crypto investors' use of traditional banks, dubbed 'Operation Chokepoint 2.0.'

Role of the Federal Reserve

A recent interview with Caitlin Long, founder and CEO of Custodia Bank, highlighted that the Federal Reserve remains a major obstacle. Currently, two crypto-friendly banks are under close scrutiny by the Fed.

The Federal Reserve remains against crypto banking.Caitlin Long

Global Issues for Crypto Companies

Outside the USA, crypto companies face similar issues. In Europe, many crypto firms have repeatedly had their bank accounts shut down. This has forced companies to relocate operations from one country to another in search of banking partnerships.

Despite government and regulatory promises to improve conditions for crypto companies, banking access challenges persist in both the USA and other countries.

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