Over 30 United States entrepreneurs from the cryptocurrency and technology sectors have faced a challenge: the unexpected denial of access to banking services.
This phenomenon, referred to by some as “Operation Chokepoint 2.0”, has stirred controversy, with industry leaders questioning the motivations behind these actions.
Tesla CEO Elon Musk highlighted the issue on November 27 in a post on X, where he shared a podcast clip of venture capitalist Marc Andreessen.
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In the Joe Rogan Experience podcast, Andreessen pointed out numerous tech innovators had been denied banking services over the past four years. He described these actions as deliberately targeting political adversaries and certain tech startups.
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CEO Brian Armstrong also weighed in, labeling these occurrences unethical and contrary to American values. Armstrong revealed that Coinbase has filed Freedom of Information Act requests to uncover the individuals or entities behind these decisions.
Meanwhile, Sam Kazemian, founder of Frax Finance, shared his personal experience with JPMorgan Chase. According to Kazemian, a conversation with the bank in December 2022 revealed a policy of closing accounts linked to cryptocurrency-related income. He attributed this directive to JPMorgan CEO Jamie Dimon.
This issue is further worsened by the collapse of several major banks that catered to the cryptocurrency sector. In March 2023, Silicon Valley Bank failed without warning, followed by the voluntary liquidation of Silvergate Bank. Shortly after, New York regulators shut down Signature Bank.
Nic Carter, a crypto-focused venture capitalist, labeled these events as part of a coordinated campaign under the banner of “Operation Chokepoint 2.0”, describing it as an orchestrated effort to dismantle the crypto sector’s banking access.
While tech and crypto founders grapple with banking challenges, other sectors are facing financial shocks of their own. Just days ago, MicroStrategy made headlines for a $30 billion loss over the course of four days. How did this happen? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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