For years, crypto companies have struggled with bank closures and denials of services, often labeled as high-risk. Many within the crypto sector argue that these departures signal a deliberate effort to restrict digital assets, referred to informally as “Operation Chalk Point 2.0.”
Initially, there was a sense that this trend might change with the election of President Donald Trump, whose administration was perceived as supportive of the crypto industry. There were even hopes that banks would start lifting restrictions on crypto customers.
Yet, recent developments show that challenges persist. Last week, Alex Rampel, a partner at Andreessen Horowitz, expressed concerns that major banks were tightening their grip on fintech and crypto applications under something dubbed Operation Chalk Point 3.0, which involves scrutinizing account data and transferring funds to platforms like Coinbase and Robinhood.
In line with these worries, Unicoin’s CEO, Alex Konanykhin, indicated to Cointelegraph that U.S. banks are still shutting down accounts for crypto companies without clear explanations, despite mounting political pressure calling for change.
“Our experience with Unicoin reveals that several banks have bailed out on us without clear reasons,” Konanykhin stated. He detailed that five banks, including Citibank, Chase, Wells Fargo, Municipal Bank of Florida, and TD Bank, have cut ties with Unicoin or its subsidiaries over recent years.
A representative from Chase, however, chose not to comment on specifics. They did mention the Trump administration’s favorable stance on lifting unnecessary regulatory hurdles and modernizing anti-money laundering regulations.
Cointelegraph has reached out to the banks for further comments.
Large-scale “national operation”
Konanykhin claimed that this year alone, Unicoin faced issues with four banks. As a public reporting company with six years of audited finances and over 4,000 shareholders, he argued that the ongoing “Debanking” campaign is severely harming U.S. crypto businesses, stripping them of vital services and stifling the American crypto industry.
Bloomberg recently reported that President Trump intends to sign an executive order instructing federal bank regulators to identify and penalize financial institutions involved in these practices.
The order would reportedly call for an examination of complaint data, pushing banks overseen by small business managers to restore services to clients who were unlawfully denied access.
Konanykhin expressed optimism that this executive order could lead to relief. “The president seems to understand the challenges of in-person banking and appears committed to halting this economic war against American businesses,” he said.
He implied that stopping the deranking could help the U.S. regain its position as a leader in the global market. “Ending hostility toward crypto could enhance the U.S. crypto sector, potentially having an impact as significant as that of Hollywood in entertainment or Silicon Valley in tech,” he noted.
Crypto reforms depend on the final wording of the rules.
Meanwhile, Elizabeth Blickley, a partner at Fox Rothschild focused on tax and litigation, noted that Trump’s directive for agencies and Congress to examine the integration of crypto into mainstream finance is promising, but substantive change hinges on the specific wording of future regulations.
She highlighted the recent signing of a law that mandates the Federal Reserve to establish a regulatory framework for stablecoins within 180 days.
However, Blickley cautioned that much of the proposed legislation may stall in Congress, and any final rules could be met with lawsuits that arise from multiple angles of the regulatory debate. “It’s likely regulations will still face challenges, and the implications could vary widely based on word choice,” she explained.
For now, she predicts banks will maintain a cautious approach toward crypto until any new regulations address the perceived risks more clearly. “The focus is on distancing from risk, and people tend to think that certain codes seem safer,” she concluded.
