A high-profile CEO in the crypto space reportedly says that an American bank suddenly decided to shut the company out from banking services, supporting previous rumors of “de-banking” in the digital asset industry.
Anchorage Digital CEO Nathan McCauley says that a bank – who is yet to be named – essentially turned off their bank account for unexplained reasons after two years of working with the lender, reports 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 didn’t mention the name of the bank and a spokesperson for Anchorage declined to provide any other details with CNBC.
The CEO says the bank cut them off in June of 2023, around the same time that numerous reports of “Choke Point 2.0” – or a coordinated effort by the government to shut down the crypto industry – were running rampant.
Says McCauley,
“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, US Senator Cynthia Lummis (R-WY) said she wants the Federal Deposit Insurance Corporation (FDIC) to secure materials that could be related to the government’s alleged efforts to de-bank crypto firms.
In a letter to FDIC chair Marty Gruenberg, Lummis said whistleblowers claim that the deposit insurer is destroying materials linked to its digital asset activities.
The senator said the FDIC’s alleged efforts to destroy and conceal materials related to 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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