Consensys Faces Banking Challenges Amid Operation Chokepoint 2.0
- Consensys, known for the MetaMask wallet, faced financial exclusion attempts by U.S. authorities.
- The company used backup accounts to navigate Operation Chokepoint 2.0.
- Operation Chokepoint 2.0 targeted crypto businesses under President Biden’s administration.
- Consensys’ bank resisted pressure to close its account but eventually complied.
- A person familiar with the situation identified Wells Fargo as the bank involved.
Consensys managed to survive Operation Chokepoint 2.0 by maintaining redundant backup accounts, despite facing significant pressure from U.S. authorities and its bank, reportedly Wells Fargo, which eventually closed their account.
Source (2.6)https://www.coindesk.com/business/2025/02/07/consensys-twice-hit-by-operation-chokepoint-ceo-lubin-credits-bank-for-fighting-back?rand=52298
