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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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.
