• US crypto firms continue to face account closures from major banks in a practice known as “debanking,” despite the pro-crypto stance of the new Trump administration.
• Alex Konanykhin, CEO of publicly reporting corporation Unicoin, stated his firm has been debanked by several major US banks this year alone, suggesting a continuation of “Operation Chokepoint” style policies.
• In response, President Trump is reportedly set to sign an executive order directing federal regulators to identify and penalise financial institutions that unlawfully deny services to legal businesses.
• However, legal experts caution that real change will depend on the final wording of new regulations, as banks are likely to remain risk-averse until rules are clarified.
• The ongoing issue highlights a significant disconnect between political rhetoric and the risk management practices of the established US banking sector.

A Pro-Crypto White House vs. Persistent Banking Headwinds

Despite a change in the US administration and a decidedly pro-crypto tone from the White House, American digital asset firms report they are still being systematically cut off from the banking system. The practice, widely known as “debanking” or “Operation Chokepoint,” was expected by many to end under President Donald Trump, but industry leaders say it remains an entrenched and damaging reality.

While the Trump administration has signalled a friendlier environment for digital assets, this political shift has not yet translated into a change in behaviour from major financial institutions, which continue to de-risk by severing ties with crypto-related businesses.

‘A Large-Scale Nationwide Operation’

The persistence of the issue was highlighted by Alex Konanykhin, CEO of Unicoin, who stated his company has been directly affected. “We know about it first-hand, as Unicoin and its subsidiaries have been de-banked, without explanations, by several banks,” Konanykhin said. He listed Citibank, Chase, Wells Fargo, City National Bank of Florida, and TD Bank as institutions that have cut ties with his companies over the past years, with four of those closures occurring in 2025 alone.

This experience, he claims, “suggests that Chokepoint is a large-scale nationwide operation,” which is creating “highly disruptive and damaging” conditions by depriving legal businesses of essential financial services. His concerns are echoed by others in the technology sector, including Andreessen Horowitz partner Alex Rampell, who recently warned of an “Operation Chokepoint 3.0” where banks are squeezing fintech and crypto apps by other means, such as hiking fees for data access.

The Government’s Proposed Response

In response to the growing complaints, the White House is reportedly preparing to take direct action. President Trump is expected to sign an executive order directing federal banking regulators to identify and penalise institutions found to be engaging in the unlawful debanking of legal industries. The order will reportedly require regulators to review complaint data and ensure clients who were improperly denied services are reinstated.

Konanykhin expressed hope that the presidential intervention could bring relief. “The President knows the pain of de-banking first-hand and seems determined to stop this form of economic warfare against American businesses,” he said.

Will an Executive Order Be Enough?

While the proposed executive order signals strong political will, legal experts caution that it may not be a silver bullet. Elizabeth Blickley, a partner at law firm Fox Rothschild, noted that while the administration has pushed for a review of crypto’s integration into mainstream finance, meaningful change will depend on the precise wording of any new regulations and laws.

She warned that banks are likely to maintain their highly risk-averse stance towards the crypto sector until new rules are fully implemented and clearly reduce their perceived compliance and legal risks. “A regulation may facially comply with the President’s request or a law passed, yet have little application or disproportionate impacts based solely on word-choice,” Blickley said. For now, the US crypto industry, and other sectors deemed “high-risk” by financial institutions, remain caught between supportive political rhetoric and the challenging reality of on-the-ground banking practices.