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“Debanking” refers to when a bank shuts down a person’s (or company’s) account, or denies them when they try to open one. Andreessen also spoke about “Operation Chokepoint”, an Obama-era initiative to scrutinize banks doing business with sectors at high risk for money laundering, including firearms. The initiative formally ended in 2017. Debanking is a real challenge for those affected by it. In particular, sex workers are regularly debanked — even those who operate in the completely legal zones of sex work like pornography or erotic dance.31 Companies in those areas also face banking access issues, as demonstrated by the events that led up to OnlyFans announcing (and then quickly rescinding) a ban on adult content.32 Similar issues have plagued the cannabis industry, and more recently, pro-Palestine activists who have lost access to financial services on platforms like Venmo and GoFundMe when trying to aid those in Gaza.

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“Debanking” refers to when a bank shuts down a person’s (or company’s) account, or denies them when they try to open one. Andreessen also spoke about “Operation Chokepoint”, an Obama-era initiative to scrutinize banks doing business with sectors at high risk for money laundering, including firearms. The initiative formally ended in 2017. Debanking is a real challenge for those affected by it. In particular, sex workers are regularly debanked — even those who operate in the completely legal zones of sex work like pornography or erotic dance.31 Companies in those areas also face banking access issues, as demonstrated by the events that led up to OnlyFans announcing (and then quickly rescinding) a ban on adult content.32 Similar issues have plagued the cannabis industry, and more recently, pro-Palestine activists who have lost access to financial services on platforms like Venmo and GoFundMe when trying to aid those in Gaza.
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Molly White (molly0xfff@hachyderm.io)'s status on Friday, 06-Dec-2024 08:48:36 JST Molly White
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Finally, crypto and other tech executives got to talking about “debanking” this week: the word they’re using for when their predatory fintech and crypto platforms are deemed too risky by banks (and not to be confused with actual discriminatory debanking).
#crypto #cryptocurrency

In conversation about 6 months ago from hachyderm.io permalink