The ongoing conflict between US banks and cryptocurrency companies has taken center stage once again. Even with political leaders like President Donald Trump promising a friendlier approach toward digital assets, banks are still cutting ties with crypto-related businesses. This persistent wave of account closures has raised concerns across the industry, with many insiders calling it a continuation of what’s been dubbed “Operation Chokepoint.”
Why Crypto Companies Are Losing Their Bank Accounts
For many in the crypto world, having a stable banking relationship is as essential as having internet access. Yet, countless firms are finding themselves suddenly “debanked” — their accounts closed without warning or explanation.
The “Operation Chokepoint” Accusations
Unicoin CEO Alex Konanykhin has been vocal about the issue, stating that US banks continue to close crypto-related accounts as part of a larger, coordinated effort. This alleged campaign, which he and others refer to as “Operation Chokepoint,” aims to restrict certain industries by denying them financial services. In the case of crypto, the impact is severe — no bank account means no ability to process payments, pay staff easily, or handle operational expenses efficiently.
Konanykhin revealed that in just one year, Unicoin has lost accounts with four different banks, including big names like Citibank, Chase, and Wells Fargo. For him, this isn’t a coincidence — it’s a pattern.
The Ripple Effect on the Crypto Industry
When a bank cuts ties with a crypto firm, it doesn’t just create a short-term inconvenience — it can derail growth entirely.
Disrupting Business Operations
Without access to traditional banking, crypto companies are forced to look for alternative solutions, which often come with higher fees, slower processing times, or limited capabilities. In many cases, these alternatives are not viable for scaling a business.
Andreessen Horowitz partner Alex Rampell has also warned about a new wave of restrictions he calls “Operation Chokepoint 3.0.” This updated version doesn’t always involve outright account closures; sometimes, banks simply make life harder by charging excessive fees or blocking transfers to crypto platforms like Coinbase.
The Competitive Disadvantage
These banking restrictions don’t just affect companies — they impact the US crypto market as a whole. If startups can’t get the banking services they need, they might choose to relocate to countries with more supportive policies. Over time, that means the US could lose its edge in the global crypto race.
The Political Response and Trump’s Executive Order
Despite the clear challenges, there’s a glimmer of hope for the industry. Bloomberg recently reported that President Trump is planning to sign an executive order that would direct regulators to investigate banks engaged in unfair debanking practices. The goal? To stop financial institutions from shutting down accounts simply because the business operates in crypto.
Konanykhin believes this move could be a turning point. He envisions a future where the US crypto sector shines on the world stage — much like Hollywood dominates the film industry. But he also warns that the road to change will not be smooth.
Why Change Won’t Happen Overnight
While the proposed executive order could shift the landscape, experts caution that regulatory changes take time to be fully implemented — and even longer to have an effect.
The Legal and Regulatory Hurdles
Elizabeth Blickley, a tax lawyer with experience in crypto compliance, points out that banks are currently playing it safe due to the potential legal risks. She notes that recent legislative proposals, such as the Genius Act, still need clear and precise wording to give banks the confidence to work with crypto businesses.
Even if new rules are passed, there’s the possibility of court challenges. Until the regulations are well-defined and legally secure, banks may continue to avoid servicing crypto firms to minimize their own exposure.
The Future of Crypto Banking in the US
The debate over debanking is more than just a political talking point — it’s about whether the US wants to remain a leader in financial innovation or risk falling behind.
For now, many crypto entrepreneurs are forced to navigate a challenging financial environment. Some are turning to smaller, more specialized banks, while others are setting up offshore accounts to keep their businesses running. However, these solutions are often temporary and come with their own set of complications.
Konanykhin remains hopeful that the “war on crypto” will eventually come to an end, allowing the US to reclaim its position as a hub for digital asset innovation. But until there’s a clear and enforceable shift in banking policies, crypto companies will continue to fight for something as basic as having a bank account.
Final Summary
The struggle between US banks and crypto businesses is far from over. Despite political promises and proposed executive orders aimed at protecting the industry, banks continue to shut down crypto accounts without explanation. For entrepreneurs like Alex Konanykhin, this ongoing wave of debanking — often referred to as “Operation Chokepoint” — poses a direct threat to innovation and growth.
While there’s optimism that upcoming policy changes could provide relief, experts warn that legal and regulatory hurdles will slow progress. Until clearer protections are in place, crypto firms will remain at the mercy of financial institutions, forcing them to find alternative — and often less efficient — ways to keep their operations alive.
The outcome of this struggle will shape not just the future of crypto in the US, but the country’s role in the global digital economy. For now, the battle for basic banking access continues.
Don’t trade all the time, trade forex only at the confirmed trade setups
Get more confirmed trade signals at premium or supreme – Click here to get more signals, 2200%, 800% growth in Real Live USD trading account of our users – click here to see , or If you want to get FREE Trial signals, You can Join FREE Signals Now!
