A growing number of bank account closures is prompting individuals to turn to cryptocurrencies for financial security. This trend is particularly evident as traditional banks face increased scrutiny over Countering the Financing of Terrorism policies. Notably, a Chase Bank customer recently experienced an unexplained account closure, a situation also reported by Jack Mallers and Anya Chekhovich.
A report from the Office of the Comptroller of the Currency highlights that major U.S. banks are systematically closing accounts associated with crypto firms and political groups. As a result, stablecoins are emerging as a preferred financial tool for those excluded from traditional banking systems, offering a risk-on asset alternative.
Bank Account Closures Drive Users to Cryptocurrency for Security
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