A high-profile CEO in the crypto space reportedly states that an American bank abruptly decided to sever the company’s access to banking services, corroborating earlier rumors of “de-banking” within the digital asset industry.
Anchorage Digital CEO Nathan McCauley claims that a bank—yet to be identified—essentially terminated their bank account without explanation after two years of collaboration with the lender, as reported by CNBC.
“Our story is pretty ridiculous… We had a bank that we had a growing relationship with for a number of years, who basically on a dime, decided to turn off our bank account.” McCauley did not disclose the name of the bank, and a spokesperson for Anchorage declined to provide any additional details to CNBC.
The CEO indicated that the bank cut off their services in June of 2023, coinciding with numerous reports of “Choke Point 2.0″—a coordinated effort by the government to dismantle the crypto industry—surfacing widely at that time.
McCauley remarked, “You can only imagine what was happening to the smaller entrepreneurs who didn’t have the resources to be able to marshal in order to keep their bank accounts open.”
Last month, U.S. Senator Cynthia Lummis (R-WY) expressed her desire for the Federal Deposit Insurance Corporation (FDIC) to secure materials that could be connected to the government’s purported attempts to de-bank crypto firms. In a letter to FDIC chair Marty Gruenberg, Lummis stated that whistleblowers have alleged that the deposit insurer is destroying documents related to its digital asset activities.
The senator asserted that the FDIC’s alleged actions to destroy and conceal materials associated with Operation Choke Point 2.0 are unacceptable and illegal.
“If it is uncovered that anyone within the FDIC has knowingly destroyed materials or sought to obstruct the oversight functions of the Senate, it will result in swift criminal referrals to the U.S. Department of Justice. The American people deserve transparency, and I will see to it that they get the answers they deserve.”
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