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Crypto Debanking: A Global Problem
This episode discusses the widespread issue of "debanking" in the cryptocurrency industry, where banks unjustly refuse services to crypto businesses. This often stems from banks' lack of understanding of cryptocurrency and risk management tools, leading to blanket rejections rather than proper risk assessments. The unfair treatment is highlighted through examples in the UK and US, contrasting the difficulties faced by crypto firms with those of traditional financial institutions holding similar licenses. However, a shift towards addressing this problem is noted, with investigations underway in the US, Australia, and Hong Kong aiming to uncover the extent of debanking and its causes. Ultimately, the text advocates for a more informed and equitable approach to banking for crypto businesses.
Published on 11 months ago