Debanking, the process of closing a customer's accounts by a bank, has been happening for several years in various situations. It began during the Obama administration as Operation Chokepoint, targeting controversial or high-risk businesses. Recently, there have been accusations that the Biden administration is reviving these powers to target political opponents and crypto-related startups. Examples of individuals and companies being debanked include Julian Assange, OnlyFans executives, Melania Trump, investor Mark Carnegie, Custodia Bank's CEO Caitlin Long, and a former UK MP. This issue has raised concerns about competition, innovation, and transparency in the financial services sector.



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