The post De-Banked: Citibank Cuts Ties with Ripple CEO After 25-Year Relationship appeared on BitcoinEthereumNews.com.

Ripple CEO Brad Garlinghouse says he was de-banked after Citibank cut ties with him due to his prominent role in the cryptocurrency sector. Speaking at DC Fintech Week, Garlinghouse stated that the bank gave him five days to move his funds before ending their 25-year relationship. Brad Garlinghouse’s long-term relationship with the bank ended on short notice. “Individuals within the crypto industry are being de-banked,” he said. “I personally have been de-banked.” Not only Citibank, but some other traditional institutions have distanced themselves from individuals involved in crypto due to regulatory pressures. Since the failures of crypto-friendly banks, including Signature Bank and Silvergate Capital, in early 2023, banks have turned increasingly cautious about their associations with crypto entities. Hard On Ripple Ripple CEO added that his personal experiences were part of the broad trend where industry figures and businesses are struggling to maintain banking relationships. He also slammed the Biden administration, particularly the SEC, Treasury, and OCC, for their “hostile” stance towards the industry. The SEC is in the hot seat after several enforcement actions targeting US cryptocurrency businesses while delaying offering clear guidance. Garlinghouse and Ripple Labs are currently engaged in a long-year legal battle with the securities regulator, which has been just reignited following the SEC’s recent appeal. Apart from Ripple, the list of targets have expanded to include Binance, Coinbase, Uniswap Labs, Consensys, and Crypto.com, to name a few. Many crypto critics argue that the current regulatory environment resembles a coordinated effort—often referred to as “Operation Choke Point”—to discourage banks from working with crypto firms. Gemini’s co-founder Tyler Winklevoss previously talked about the Fed’s enforcement actions against crypto-friendly Customers Bank, which he believed a part of “Operation Choke Point 2.0.” He suggested that regulators are systematically targeting the cryptocurrency industry to restrict its growth and access to…

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Filed under: News - @ October 25, 2024 9:20 am