Crypto, FinTech Cry Foul Over Debanking — Could Issue Be Risk?
FinTech and crypto investor Marc Andreessen kicked off a firestorm over the weekend by alleging, on Joe Rogan’s podcast, that those two sectors — and dozens of companies backed by his namesake firm, Andreessen Horowitz — were being fundamentally “debanked” by U.S. financial institutions (FIs).
“Did you know that 30 tech founders were secretly debanked?” tweeted Elon Musk on X, linking to a clip of the podcast.
The term “debanking” often refers to the practice of financial institutions, such as banks, closing or restricting access to accounts or refusing services to certain individuals, organizations or industries. This can occur for various reasons, including regulatory concerns, perceived risks, compliance…
