For years, cryptocurrency companies have faced sales of account closures and denial of banking services, which are under the label of disease. Many in the cryptocurrency industry believe that the withdrawal act represents a policy-driven effort to curb digital assets, known as the “Copepoint 2.0 operation.”
Many believe the era of escape is over after President Donald Trump’s pro-Crypto team won the election. His campaign remarks and Early policy actions send signals A friendly environment for digital assets, leading some to expect banks to alleviate restrictions on crypto customers.
However, recent events suggest that this practice remains deeply rooted. Last week, Andreessen Horowitz partner Alex Rampell warn Large banks are squeezing fintech and crypto applications into “Copepoint 3.0” by accessing account data through hiking fees or transferring funds to platforms like Coinbase and Robinhood.
Unicoin CEO Alex Konanykhin responded to these concerns, telling Cointelegraph that despite increasing political pressure, Bank of America is still closing Crypto’s accounts without explanation to end the practice.
“We are first-hand because Unicoin and its subsidiaries have been explained by several banks,” Konanykhin said. Over the past few years, he has listed five banks that have been in contact with Unicoin or its subsidiaries, including Citibank, Chase, Wells Fargo, City National Bank of Florida of Florida and TD Bank.
Cointelegraph contacted all of these banks but received no response through the publication.
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Large-scale “national operation”
Konanykhin claims Unicoin was revoked by four banks this year only, which “shows that Cokepoint is a national large-scale operation.” Unicoin is a publicly reported company with six years of audited finance and over 4,000 shareholders.
Konanykhin added that the Debanking campaign created “highly destructive and destructive” conditions for crypto companies in the U.S., depriving them of access to basic financial services and “suppressing the U.S. cryptocurrency industry.”
On Thursday, Bloomberg reported that President Trump will Signing an executive order Instruct the federal banking regulator to identify and punish financial institutions engaged in revocation.
The order will reportedly require regulators to review complaint data, while banks overseen by the Small Business Administration must work to restore customers who are illegally denial of service.
Konanykhin expressed hope that the executive order proposed by President Donald Trump ruled that the revocation could bring relief. “The president knew the pain of getting out of the bank directly and seemed determined to stop this economic war against American businesses,” he said.
He said ending the revocation could help us crypto regain global leadership. “Ending the war on cryptocurrencies will promote the U.S. cryptocurrency industry. Internationally, it may be as influential as Hollywood is in entertainment or Silicon Valley,” he noted.
Related: Trump’s investigation into crypto and political withdrawal of claims: WSJ
Crypto reform depends on the final wording of the rules
Meanwhile, Elizabeth Blickley, a partner in tax disputes and litigation practices at Fox Rothschild, said that while Trump has directed institutions and Congress to review how to incorporate cryptocurrencies into mainstream finance, meaningful changes will depend on the final wording of regulations and laws.
She pointed to the recently signed Genius Act, which provides the Fed’s Stablecoin Certification Review Board with a 180-day design regulatory framework.
Blickley warned that most bills in Congress never leave the committee and any final legislation could face litigation from both sides of the regulatory debate. “The regulations may comply with the president’s requirements or pass the law, but only based on the words, the application or the disproportionate impact is disproportionate.”
At present, banks may continue to cryptocurrency risk aversion stance until the new regulations significantly reduce perceived risks, Blickley said. “It’s all about creating risk-averse entities, and people feel that cryptocurrencies aren’t at risk,” she concluded.
