๐จ US Banks Under Fire for Targeting Crypto & โSensitiveโ Industries! ๐ฅ๐ฆ
According to Cointelegraph, the OCC has dropped explosive preliminary findings: nine major U.S. banks restricted financial services for crypto companies and other โpolitically sensitiveโ sectors from 2020 to 2023 ๐ณโ ๏ธ
Regulators say the banks made inappropriate distinctions between clients โ adding extra checks, blocking access, or outright refusing services. And it wasnโt just cryptoโฆ oil & gas, coal, firearms, tobacco, private prisons, and even adult entertainment were hit by these restrictions ๐ฅ
OCCโs Jonathan Gould raised serious concerns, warning that big banks may be abusing their power while downplaying their role in debanking.
Critics add that banks didnโt act alone โ FDIC and the Federal Reserve ramped up pressure on institutions to avoid crypto under the Biden administration ๐ฌ
The OCC continues its investigation and may send the case to the Department of Justice. The debanking battle is getting hotter by the dayโฆ ๐ฅ๐
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