Banks Shutting Down Crypto Accounts Amid Policy Shift: What's Really Going On

The Trump administration is taking action against a troubling trend in the financial sector. Banks like JPMorgan, Citibank, and Wells Fargo have been aggressively closing accounts tied to cryptocurrency businesses, a practice that has become increasingly common despite the administration’s stated support for digital assets. This regulatory friction points to a deeper disconnect between political support for crypto and institutional banking behavior.

Unicoin and its affiliate companies have felt the pain directly. Over the course of this year alone, they’ve had banking relationships terminated by four separate institutions—Wells Fargo, TD Bank, and City National Bank in Florida among them. These closures highlight a persistent challenge: even with favorable political winds, traditional financial institutions remain hesitant about engaging with the crypto industry.

The Executive Order Response

To address this escalating issue, the Trump administration is preparing to issue an executive order—Executive Order No. 26—that will mandate federal banking regulators to conduct comprehensive reviews of account closures targeting crypto firms. The directive signals an attempt to harmonize policy-level support with practical banking practices, though observers remain cautious about its real-world impact.

Crypto industry analysts suggest that genuine progress hinges on the rollout of detailed regulatory guidelines. Without clear rules defining how banks should manage crypto-related business accounts, financial institutions are likely to maintain their defensive posture. The current environment reflects a calculated risk-aversion strategy among banks, where compliance caution outweighs business opportunity.

The gap between executive-level enthusiasm for crypto and ground-level banking practices reveals an ongoing structural challenge: policy support alone may not be enough to shift institutional behavior without specific, enforceable frameworks that address banks’ compliance concerns.