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Ripple’s CEO recently disclosed the unexpected closure of his personal bank account, which he had held for over 25 years, reportedly due to his position as a leader in the cryptocurrency industry. The abrupt decision highlights increasing regulatory pressures on crypto businesses and the impact of uncertain U.S. policies on industry leaders. This development signals growing challenges for crypto executives navigating traditional banking and regulatory frameworks as scrutiny around digital assets intensifies.
Ripple CEO Brad Garlinghouse’s Bank Account Closed by Major Institution After 25 Years
Ripple CEO Brad Garlinghouse recently revealed that he was debanked, attributing the decision to rising regulatory scrutiny affecting key figures in the cryptocurrency sector. In an interview with CNBC, Garlinghouse shared that he received a call from a major banking institution he had been with for 25 years, informing him that he had only five days to transfer his funds.
Source: create.vista.com
Garlinghouse reported that, when he questioned the reason behind the sudden decision, the bank was forthright, explaining that his prominent position in the crypto industry brought increased scrutiny from federal regulators, leading them to terminate his account. The institution reportedly stated that having prominent figures in the crypto space as clients led to higher regulatory attention, which they wanted to avoid.
Garlinghouse also remarked that such actions were legally questionable. Although other banks were willing to accept his business, he warned that if more institutions followed suit, he could potentially be excluded from the banking system simply for being the CEO of Ripple. He added that such a scenario would reflect an adversarial regulatory environment, predicting a shift regardless of the outcome in the upcoming election. Later, he confirmed with Coindesk that Citigroup Inc. was the institution involved.
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