BlockBeats news, October 24, Ripple CEO Brad Garlinghouse said on Wednesday that because he is a well-known figure in the cryptocurrency field, his long-standing personal banking relationship has been terminated.
“Individuals in the crypto industry are being debanked,” he said at DC Fintech Week. “I personally have been terminated from my banking services.”
Garlinghouse linked his experience to broader trends in the U.S. industry, which has struggled to maintain relationships with banks as regulators have warned financial institutions to limit their cryptocurrency involvement. He later added in an interview with CoinDesk that the most recent institution to terminate its relationship with him was Citigroup, which he had been a client for about 25 years. He also mentioned that this is not the only personal banking relationship he has lost due to his role in the cryptocurrency space.
“They told me, ‘You have five days to move your money,'” he said. “They were actually very honest. They said, ‘Look, you’re a big name in the cryptocurrency space, own a big name in the cryptocurrency industry, and provide banking services to the cryptocurrency industry, which means there’s going to be more scrutiny from federal regulators. censorship.
A Citi spokesman did not immediately respond to a request for comment. (CoinDesk)
