Crypto debanking is ‘still occurring' as banks stick to Chokepoint policies
After President Donald Trump's pro-crypto team won the 2024 US election, many believed the era of debanking was over. His campaign rhetoric and early policy moves signaled a friendlier environment for digital assets, leading some to expect banks would ease restrictions on crypto clients.
However, recent incidents suggest the practice remains entrenched. Last week, Andreessen Horowitz partner Alex Rampell warned that big banks are squeezing fintech and crypto apps in 'Operation Chokepoint 3.0,' by hiking fees to access account data or transfer funds to platforms like Coinbase and Robinhood.
Echoing these concerns, Alex Konanykhin, CEO of Unicoin, told Cointelegraph that US banks continue to close accounts for crypto firms without explanation, despite growing political pressure to end the practice.
'We know about it first-hand, as Unicoin and its subsidiaries have been de-banked, without explanations, by several banks,' Konanykhin said. He listed five banks that have cut ties with Unicoin or its subsidiaries over the past years: Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank.
A spokesperson for Chase declined to comment on a specific case. 'We welcome the direction of the Trump administration to remove unnecessary regulatory barriers and modernize Anti-Money Laundering regulations,' they said.
Cointelegraph reached out to all these banks for comment.
Large-scale 'nationwide operation'
Konanykhin claimed that Unicoin was debanked by four banks this year alone, which 'suggests that Chokepoint is a large-scale nationwide operation.' Unicoin is a publicly reporting corporation with six years of audited financials and over 4,000 shareholders.
Konanykhin added that the debanking campaign has created 'highly disruptive and damaging' conditions for crypto companies in the US, depriving them of access to basic financial services and 'suppressing the American crypto industry.'
On Thursday, Bloomberg reported that President Trump will sign an executive order directing federal bank regulators to identify and penalize financial institutions that have engaged in debanking.
The order will reportedly require regulators to review complaint data, while banks overseen by the Small Business Administration must work to reinstate clients who were unlawfully denied services.
Konanykhin expressed hope that Trump's proposed executive order to curb debanking could bring relief. 'The President knows the pain of de-banking first-hand and seems determined to stop this form of economic warfare against American businesses,' he said.
He said ending debanking could help US crypto reclaim global leadership. 'Ending the War on Crypto will boost the American crypto industry. It may become as impactful internationally as Hollywood is in entertainment or Silicon Valley in IT,' he noted. Crypto reform hinges on final wording of rules
Meanwhile, Elizabeth Blickley, a partner at Fox Rothschild's Tax Controversy & Litigation Practice, said that while Trump has directed agencies and Congress to review how crypto can be integrated into mainstream finance, meaningful change will depend on the final wording of regulations and laws.
She pointed to the recently signed Genius Act, which gives the Federal Reserve's Stablecoin Certification Review Committee 180 days to design a regulatory framework.
Blickley warned that most bills in Congress never make it out of committee and that any eventual legislation will likely face litigation from both sides of the regulatory debate. 'A regulation may facially comply with the President's request or a law passed, yet have little application or disproportionate impacts based solely on word-choice,' she said.
For now, Blickley said, banks are likely to continue their risk-averse stance toward crypto until new rules clearly reduce perceived risks. 'It's all about making risk-averse entities and people feel like crypto is less of a risk,' she concluded.
Source: https://cointelegraph.com/news/crypto-debanking-persists-despite-trump-pro-crypto-push
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hi Dubai
17 minutes ago
- Hi Dubai
How Finance Teams Can Use AI to Work Smarter
Artificial Intelligence is becoming an important part of how finance teams work. It is helping companies handle tasks faster, reduce errors, and make better decisions based on real-time data. According to an EY report, AI is already being used in many areas of finance, including automating invoices, detecting fraud, and improving forecasts. These changes save time for finance teams and allow them to focus more on planning and strategy. In the UAE, this shift is happening quickly. According to Credence Research, the AI in finance market here was valued at US$67 million in 2023 and is expected to reach US$514 million by 2032. The UAE's national AI strategy also aims for the technology to contribute 20% of the country's non-oil GDP by 2031, showing how strongly the government is supporting its growth. Think about your own finance team. What if closing monthly accounts took hours instead of days? What if you could spot cash flow problems before they happen? And what if tax calculations were automatically checked for accuracy before filing? In this article, we will look at how finance teams can use AI to work smarter. We will cover how it can simplify daily operations, improve decision-making, ensure compliance, reduce risk, and help teams focus on the work that really drives business growth. Streamlining Day-to-Day Financial Operations Finance teams spend a large part of their time on repetitive but essential tasks like processing invoices, tracking expenses, and reconciling accounts. These processes, when done manually, are time-consuming and prone to human error. AI makes them faster, more accurate, and far less stressful to manage. Automating Invoice Processing & ReconciliationsAI tools can read, verify, and process invoices automatically using technologies like OCR (Optical Character Recognition) and machine learning. Instead of typing data into the system, finance teams can simply upload or scan an invoice, and the AI extracts key details, checks them against purchase orders, and flags any mismatches. This can speed up processing by a significant margin, reduce duplicate payments, and create an automatic audit trail. Reconciliations also benefit greatly from AI. The system can match transactions across accounts in seconds, identify discrepancies, and even suggest corrections, removing the tedious back-and-forth that often slows down month-end closing. Simplifying Expense Tracking Expense management becomes much easier with AI-powered tools. Receipts can be scanned and automatically categorized under the correct expense code. The system can also spot unusual spending patterns or policy violations, ensuring that reports remain accurate and compliant. This not only saves hours of manual work but also provides finance teams with real-time visibility into company spending. When these daily tasks are automated, finance teams spend less time on data entry and more time on analysis, planning, and strategy. Accuracy improves, processing speeds increase, and decision-makers get faster access to the information they need to guide the business forward. Enhancing Decision-Making with AI Insights Traditional forecasting methods often rely on fixed assumptions and manual updates, which can make it harder for finance teams to respond quickly to changes. AI offers a more dynamic approach, using predictive analytics and scenario modeling to support better decisions. Predictive Analytics: Smarter Forecasts and Budgeting AI can analyze years of historical data alongside current market information to produce more accurate forecasts for cash flow, budgeting, and resource allocation. It identifies patterns and relationships that may not be obvious through manual analysis, allowing finance teams to spot risks and opportunities earlier. These forecasts update in real time, so plans stay aligned with the latest figures rather than static projections. This not only improves accuracy but also reduces the time spent preparing reports. Scenario Modeling: Preparing for Uncertainty AI-powered scenario modeling allows teams to explore different 'what-if' situations before making big decisions. For example, finance teams can see how changes in interest rates, supplier costs, or customer demand might impact cash flow and profitability. These simulations help leaders prepare for multiple outcomes, making the business more resilient to sudden market changes. When predictive analytics and scenario modeling work together, finance teams can make decisions with greater confidence. They are not only reacting to numbers but proactively planning for the future. This shift moves finance from simply reporting results to actively guiding the business toward its goals. Improving Accuracy and Compliance AI can help finance teams handle tax, audit, and regulatory requirements with greater precision and less stress, especially under the UAE's evolving rules. AI for Tax Calculations and Error-Free Reporting With corporate tax now in effect at 9% for most businesses, AI can map accounts to the right tax treatments, validate adjustments, and prepare draft returns that reconcile with the ledger before submission. For large multinationals, upcoming Domestic Minimum Top-up Tax rules make it even more important to have accurate, entity-level calculations, something AI can handle quickly by simulating effective tax rates and spotting missing data early. For VAT, which remains at 5%, AI can check each invoice line for correct tax codes, validate all required fields, and flag exceptions before filing. This reduces the risk of penalties from errors or incomplete reporting. Audit Readiness and Continuous Controls AI can automatically link reported figures to their source transactions, maintain version-controlled workpapers, and generate clear audit trails. Continuous controls monitoring also helps catch policy breaches—such as missing tax registration numbers or incorrect posting dates—in real time, so they can be fixed before period close. AI can also prepare submission-ready files in the correct format for portals like EmaraTax, speeding up the filing process. Ensuring VAT, Corporate Tax, and E-Invoicing Compliance For VAT, AI validates mandatory invoice details, ensures the correct place-of-supply rules are applied, and archives invoices according to retention requirements. For corporate tax, it can classify income and expenses, track transfer pricing data, and maintain a single source of truth for disclosures. E-invoicing, which is set to roll out in the UAE in the coming years, will require businesses to meet strict formatting and data standards. AI can generate invoices in the required structure, check them for accuracy before sending, and match e-invoice acknowledgements with accounting records to ensure consistency. What to Look For Seamless ERP Integration: Choose tools that connect easily with your existing systems like SAP, Oracle, Microsoft Dynamics 365, or your bank platforms. Look for built-in connectors or open APIs to avoid costly custom development. Choose tools that connect easily with your existing systems like SAP, Oracle, Microsoft Dynamics 365, or your bank platforms. Look for built-in connectors or open APIs to avoid costly custom development. Security and Auditability: The platform should have strong security certifications, role-based access control, and unalterable audit logs to keep sensitive financial data safe. The platform should have strong security certifications, role-based access control, and unalterable audit logs to keep sensitive financial data safe. Explainability and Controls: Opt for AI systems that allow human oversight, show how decisions are made, and maintain detailed version histories for compliance purposes. Opt for AI systems that allow human oversight, show how decisions are made, and maintain detailed version histories for compliance purposes. UAE Tax Support: Ensure the tool has built-in VAT and Corporate Tax configurations, supports the 2026 e-invoicing requirements, and can generate FTA-compliant audit files. Ensure the tool has built-in VAT and Corporate Tax configurations, supports the 2026 e-invoicing requirements, and can generate FTA-compliant audit files. Data Residency Options: For sensitive data, choose solutions that can store and process information within UAE-based cloud regions to meet regulatory requirements. Spend Management, Accounts Payable & Expenses Coupa: Comprehensive spend and procurement automation with AI insights, now available with UAE-based cloud hosting. Comprehensive spend and procurement automation with AI insights, now available with UAE-based cloud hosting. SAP Concur: Industry standard for travel, expense, and invoice automation, featuring AI-powered receipt scanning and policy checks. Accounting & VAT (SME to Mid-Market) Zoho Books (UAE Edition): FTA-accredited for VAT compliance with automated returns, audit file generation, and easy workflow automation. FTA-accredited for VAT compliance with automated returns, audit file generation, and easy workflow automation. TallyPrime: Popular desktop-based ERP with strong GCC VAT features, ideal for on-premises or hybrid setups. Treasury, Cash & Payments Kyriba: Advanced treasury and liquidity management with AI-driven cash forecasting, payment controls, and multi-bank connectivity. Planning, Forecasting & Scenarios (FP&A) Anaplan: Cloud-based connected planning platform with strong forecasting and scenario modeling capabilities, deployed locally in the region. Cloud-based connected planning platform with strong forecasting and scenario modeling capabilities, deployed locally in the region. Oracle Fusion Cloud ERP/EPM: Offers machine learning-assisted close, reconciliations, and planning, with UAE-based hosting options. Offers machine learning-assisted close, reconciliations, and planning, with UAE-based hosting options. Microsoft Dynamics 365 Finance: AI-enabled financial management integrated with Azure cloud services in the UAE regions. Tax Engines & E-Invoicing Readiness Thomson Reuters ONESOURCE: Widely used for VAT calculation and compliance, with features that help prepare for upcoming UAE e-invoicing requirements. Tool Best For Key Features UAE Tax Support Price Range* Coupa Large enterprises managing end-to-end spend AI-driven procurement, invoice automation, supplier management Can integrate VAT logic via ERP; supports local hosting $$$ SAP Concur Businesses with frequent travel & expense claims AI receipt scanning, policy checks, AP automation Configurable VAT reports $$–$$$ Zoho Books (UAE Edition) SMEs needing compliance + automation VAT return filing, FTA audit file, automated invoicing Full UAE VAT compliance, e-invoicing ready $ TallyPrime SMEs preferring desktop/hybrid setup GCC VAT support, ledgers, inventory, basic automation Full UAE VAT compliance $ Kyriba Multi-entity treasury & liquidity management AI cash forecasting, payment control, bank connectivity VAT not core, but integrates with ERP/tax engines $$$ Anaplan FP&A teams needing scenario modeling Driver-based forecasting, budgeting, collaboration VAT logic via integration $$$ Oracle Fusion Cloud ERP/EPM Enterprises standardizing finance & planning ML-assisted close, reconciliations, planning VAT logic built-in; UAE cloud hosting $$$ Microsoft Dynamics 365 Finance Microsoft stack users AI-assisted financial ops, automated reporting VAT logic built-in; UAE Azure hosting $$–$$$ Thomson Reuters ONESOURCE Complex tax compliance VAT determination, reporting, e-invoicing prep Full UAE VAT compliance $$–$$$ *Price range: $ = budget-friendly, $$ = mid-range, $$$ = enterprise-level investment. Implementing AI in a Finance Team Without Disruption Rolling out AI in finance works best when the process is gradual, collaborative, and aimed at solving real pain points. Start with a small pilot project that targets a process both high in value and easy to automate, such as invoice processing or expense tracking. Run it alongside your current system to measure accuracy, speed, and ease of use, and use those early results to build momentum across the team. If AI could instantly remove one bottleneck in your process, wouldn't it make sense to start there? Bring the right people into the discussion from the beginning — finance, IT, compliance, and leadership. Appoint a few team members as AI champions so colleagues always have someone to turn to for guidance. In the UAE, involving tax and compliance specialists early ensures VAT and corporate tax rules are built into the workflow from day one. Training should go beyond technical steps. It's about showing how AI changes daily routines and frees up time for more strategic work. Tailor sessions to different roles — accounts payable staff may focus on invoice scanning, while planning teams work with forecasting scenarios. A follow-up session after the first month helps address any challenges and fine-tune the approach. Change management is just as critical as the technology itself. Clearly explain the reasons behind the shift, share quick wins from the pilot, and keep feedback channels open so the rollout evolves smoothly. As adoption grows, measure success with clear KPIs — shorter invoice-to-post times, fewer VAT filing errors, reduced processing costs, improved cash flow forecasts, and a steadily rising percentage of the team using AI confidently within the first 90 days. AI in finance is evolving from automating tasks to becoming a true decision-making partner. As capabilities grow, teams will spend less time on data entry and more on interpreting insights, shaping strategies, and advising leadership. In the UAE, upcoming e-invoicing and corporate tax changes will make timely, accurate data even more critical. AI will take on much of the compliance workload, allowing finance professionals to focus on planning, investment evaluation, and long-term growth. Those who adapt early will be better equipped, more accurate, and more trusted as strategic partners. Also read: Factors to Consider When Creating a Digital Marketing Budget A well-planned digital marketing budget keeps spending focused, adaptable, and ready to deliver the highest returns in any market condition. How to Build Your AI Strategy in Dubai's Evolving Tech Ecosystem Transform your business with AI. This guide provides a strategic roadmap for entrepreneurs in Dubai, covering how to build a long-term AI strategy, leverage the UAE's tech ecosystem, and move beyond basic tools to achieve sustainable competitive advantage. A Guide to the UAE's Evolving Labor Laws for Employers and Employees Navigating UAE's labor law? Our comprehensive guide explains the new Federal Decree-Law No. 33 of 2021, its 2024 and 2025 updates, and how these evolving regulations benefit both employers and employees with flexible work models and enhanced protections. Strategies to Enhance Customer Reviews on Amazon and Noon Boost authentic reviews on Amazon & Noon with proven, compliant strategies that build trust, increase visibility, and drive sales.
The National
17 minutes ago
- The National
Trump says gold to be spared from tariffs
US President Donald Trump said on Monday that gold will be exempt from tariffs, days after a government posting caused uncertainty as to what is considered a safe haven asset. "Gold will not be tariffed," Mr Trump wrote on the Truth Social media platform, without offering further details. US gold futures were trading 2.36 lower at to $3,408.80 an ounce at 2.15pm ET. Gold prices hit a record high last week after the US Customs and Border Protection ruled that gold bars from Switzerland would be subjected to tariffs that Mr Trump had placed on the country. A White House official later said it would issue an order in the near future to exempt gold bars. Had the tariff gone into effect, Switzerland's gold exports would have faced the same 39 per cent charge as other goods. The Swiss Precious Metals Association on Friday also warned the tariffs could harm "the international flow of physical gold". "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland,' said Christoph Wild, the association's president. Barrick Mining chief executive Mark Bristow told Reuters before Mr Trump's announcement that the tariff's impact on miners would have been minimal. The price of gold is up more than 27 per cent this year as investors flock to it amid Mr Trump's on-again, off-again tariff agenda. Eyes are on a trade truce between the US and China that was set to expire on Tuesday. Washington and Beijing had imposed escalating tariffs on each other's goods this year, and the two countries had agreed to a 90-day pause in May that temporarily lowered them. Asked on Monday about the deadline, Mr Trump said: "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi [Jinping] and myself." Abramovich London A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million. A three-storey penthouse at Chelsea Waterfront bought for £22 million. Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military. Sale of Chelsea Football Club is now impossible. Structural%20weaknesses%20facing%20Israel%20economy %3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
Al Etihad
an hour ago
- Al Etihad
Trump says gold will not face tariffs after customs confusion
11 Aug 2025 22:01 WASHINGTON (AFP)US President Donald Trump said Monday that gold imports will not face additional tariffs, days after confusion flared on whether his recent duty hikes applied to certain gold bars, threatening to upend global trade of the precious metal. "Gold will not be Tariffed!" Trump said on his Truth Social platform, without providing further details. Last week, US customs authorities issued a letter saying that gold bars at two standard weights -- one kilogram and 100 ounces (2.8 kg) -- should be classified as subject to duties.
