Today in crypto, Unicoin CEO says US banks continue closing accounts for crypto firms under “Operation Chokepoint,” Vitalik Buterin is an onchain billionaire again. Meanwhile, Bo Hines, director of White House Crypto Council steps down.
Crypto debanking is ‘still occurring’ as banks stick to Chokepoint policies
Crypto firms have been facing account closures and denials of banking services for years under the label of de-risking. Many in the crypto industry believe that the debanking represents a policy-driven effort to suppress digital assets, referred to as “Operation ChokePoint 2.0.”
After President Donald Trump’s pro-crypto team won the election, many believed the era of debanking was over. His campaign rhetoric and early policy moves signaled a friendlier environment for digital assets, leading some to expect banks would ease restrictions on crypto clients.
However, recent incidents suggest the practice remains entrenched. Last week, Andreessen Horowitz partner Alex Rampell warned that big banks are squeezing fintech and crypto apps in “Operation Chokepoint 3.0,” by hiking fees to access account data or transfer funds to platforms like Coinbase and Robinhood.
Echoing these concerns, Alex Konanykhin, CEO of Unicoin, told Cointelegraph that US banks are continuing to close accounts for crypto firms without explanation, despite growing political pressure to end the practice.
“We know about it first-hand, as Unicoin and its subsidiaries have been de-banked, without explanations, by several banks,” Konanykhin said. He listed five banks that have cut ties with Unicoin or its subsidiaries over the past years, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank.
Vitalik Buterin reclaims ‘onchain billionaire’ crown as Ether tops $4.2K
Ethereum co-founder Vitalik Buterin has regained his status as a ten-figure crypto holder just days after Ether crossed the $4,000 price level for the first time in eight months, according to a blockchain intelligence firm.
“Vitalik Buterin is now an onchain billionaire again,” Arkham said in a post on Saturday. At the time of publication, Buterin’s portfolio is valued at approximately $1.04 billion, holding 240,042 ETH alongside smaller stakes in cryptocurrencies such as Aave Ethereum (AETHWETH), WhiteRock (WHITE), Moo Deng (MOODENG), and Wrapped Ethereum (WETH).
On Saturday, Ether climbed another 6.38%, reaching as high as $4,332 following its return to $4,000 on Friday — a level not seen since December 2024 — while Bitcoin’s share of the crypto market cap declined.
At the time of publication, Ether is trading at $4,244, according to Nansen.
Bo Hines announces he is stepping down from the White House Crypto Council
Bo Hines, the executive director of the White House Crypto Council, an advisory group to US president Donald Trump, announced he is stepping down as head of the group on Saturday.
The departing crypto advisor said he is rejoining the private sector, but will continue to advocate for digital assets. Hines wrote in an X post:
“Serving in President Trump’s administration and working alongside our brilliant AI & Crypto Czar, David Sacks, as Executive Director of the White House Crypto Council, has been the honor of a lifetime. Together, we have positioned America as the crypto capital of the world.”
The crypto council has garnered praise from supporters, who say the group helped establish a guiding regulatory framework for digital assets in the US, and criticism from those who say the group has ignored key pieces of Bitcoin legislation.
