The Wall Street Journal has reported that around 120 crypto hedge funds have faced difficulties accessing banking services over the past three years. This represents approximately 75% of the 160 hedge funds that were surveyed by the Alternative Investment Management Association (AIMA). The survey revealed that none of the 20 alternative investors in other asset classes experienced similar issues. The banking challenges ranged from unclear communication to outright termination of relationships. Many of the affected funds eventually found banking partners, but they were often smaller or regional institutions. The crypto industry has raised concerns about an alleged effort called "Operation Chokepoint 2.0," which aims to limit access to banking services for the crypto industry in the US. The Coinbase chief legal officer recently released letters from the Federal Deposit Insurance Corporation (FDIC) urging banks to pause or stop crypto-related activities, which some believe is evidence of Operation Chokepoint 2.0.



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