According to a report by The Wall Street Journal on December 20, about 120 crypto-related hedge funds have faced difficulties in accessing banking services over the past three years.

This figure accounts for about 75% of the total 160 hedge funds recently surveyed by the Alternative Investment Management Association (AIMA).

The report also indicates that there are no alternative investors among the 20 other asset classes, including real estate and private credit, facing similar challenges. Banking issues range from unclear communication to sudden termination of relationships.

Among the affected crypto hedge funds, more than half received clear notices from banks that their relationships would be terminated. However, the specific reasons are often vague or even not provided. When banks offer explanations, they often cite a desire to mitigate risks associated with clients or the crypto industry.

John D’Agostino, Head of Institutional Sales at Coinbase and board member of AIMA, emphasized that although the affected funds ultimately found alternative banking partners, these partners were mainly smaller or local institutions.

Operation Chokepoint 2.0

The crypto community has continuously referred to a campaign allegedly initiated by the administration of President Joe Biden, named 'Operation Chokepoint 2.0.' This campaign is accused of aiming to limit the growth of the crypto industry in the U.S. by restricting access to banking services.

Paul Grewal, Legal Officer of Coinbase, recently publicly disclosed letters from the Federal Deposit Insurance Corporation (FDIC), sent to banks in 2022. In these letters, the FDIC recommended that financial institutions pause or completely terminate crypto-related activities.

These documents were collected through a request under the Freedom of Information Act (FOIA) submitted on October 18, aiming to clarify the alleged 15% deposit limit imposed on crypto-friendly banks. Grewal asserts that these letters are evidence of the existence of 'Operation Chokepoint 2.0.'

Caitlin Long, CEO of Custodia Bank, shares the same view and believes that these letters demonstrate an organized effort to hinder the growth of the crypto industry in the U.S.

Austin Campbell, CEO of global digital payment company WSPN, also emphasized that the AIMA survey results further strengthen the argument that 'Operation Chokepoint 2.0' is real.

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