A high-profile CEO in the crypto space reportedly states that an American bank suddenly decided to exclude the company from banking services, reinforcing previous rumors of “de-banking” in the digital asset industry. Anchorage Digital CEO Nathan McCauley reveals that a bank—yet to be named—essentially terminated their bank account for unexplained reasons after two years of collaboration with the lender, according to reports from 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 did not disclose the name of the bank, and a spokesperson for Anchorage declined to provide any further details to CNBC. The CEO indicated that the bank severed ties with them in June 2023, around the same time that numerous reports of “Choke Point 2.0”—a coordinated effort by the government to shut down the crypto industry—were circulating widely.

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, U.S. Senator Cynthia Lummis (R-WY) expressed her desire for 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 stated that whistleblowers claim the deposit insurer is destroying materials linked to its digital asset activities.

The senator asserted that 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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