Department of Justice initiative to discourage banks from working with firearm dealers, payday lenders, and other companies believed to be at a high risk for fraud and money laundering. The original 2013 Operation Choke Point was a U.S. The traditional financial service sector pull-back from the crypto market has been branded 'Operation Choke Point 2.0' by some in the crypto industry who fear it's been directed by the U.S. banking crisis earlier this year that forced the closing of crypto-friendly Silvergate, Signature and Silicon Valley banks has pushed many exchanges and crypto companies offshore in search of banking partners.ĭespite Wall Street giants like BlackRock BLK and Fidelity expanding their bitcoin and crypto services, many banks are increasingly unwilling to do business with crypto companies that have had their reputations tarnished by the bitcoin and crypto market price crash and implosion of major exchange FTX. 'With tightening regulations in the earlier part of this year, we're seeing a lot of traditional institutions that used to provide fiat ramp channels pull away.'Ī U.S. 'Today, to be very frank, it's actually fiat ramps,' CZ said in comments reported by Insider, referring to how people move money from traditional banks to crypto exchanges.

Appearing at a Singapore crypto conference, CZ was asked what the biggest challenges would be in bringing the next 100 million users into the bitcoin, ethereum and crypto market.

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