How Crypto Insiders Turned 'Debanking' Into a Political Storm

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How Crypto Insiders Turned 'Debanking' Into a Political Storm

^{Published on 2024-12-10 05:40:48 - The New York Times}

Concerns that crypto companies are being purposely cut off from the global banking system have become a political cudgel at an opportune moment for the industry.

The article from The New York Times, published on December 10, 2024, discusses the phenomenon of "debanking" in the cryptocurrency sector, particularly focusing on how former President Donald Trump has become involved. Trump has publicly criticized banks for closing accounts of crypto companies without clear reasons, labeling it as an attack on financial freedom. The piece details how several crypto firms, including notable ones like Kraken and Binance, have faced account closures or restrictions from major banks like JPMorgan Chase and Bank of America, citing reasons such as regulatory concerns, risk management, or alleged suspicious activities. This has led to a broader debate on the rights of businesses to banking services, the regulatory environment surrounding cryptocurrencies, and the potential political motivations behind these debanking actions. Trump's involvement has brought significant attention to the issue, rallying support from the crypto community and raising questions about the intersection of politics, finance, and technology.

Read the Full The New York Times Article at:
[ https://www.nytimes.com/2024/12/10/technology/crypto-debanking-trump.html ]

N@N

How Crypto Insiders Turned 'Debanking' Into a Political Storm