The Persistent Challenge of Crypto Debanking
In 2025, crypto companies launching in any country face systemic debanking, struggling to get access to the traditional banking system as payment providers cite AML and reputational concerns; firms seeking to get a merchant account now pursue expert consultancy to streamline onboarding and compliance.
Today, most crypto companies around the world continue facing persistent hurdles, starting from operational intricacies to licensing barriers and continuous compliance obligations amid the fragmented international regulations.
Still, none of these challenges compares to crypto “debanking,” the ongoing practice of banks and payment processors purposefully denying crypto firms access to core banking services.
According to media reports, both SMEs and industry giants across the US, the EU, and the rest of the world are facing sudden account closures or denials of merchant account opening applications, all typically without prior notice. As a result, crypto businesses often end up hitting a brick wall for months before finding a payment solutions provider (PSP) willing to partner.
Understanding the Roots of Crypto Debanking
Years of so-called “de-risking” have left crypto businesses with frozen accounts in famous international banks and little to no access to fundamental banking services.
In America, this practice was born during the Barack Obama administration through the initiative called “Operation Chokepoint.” The same approach persisted under both the next Donald Trump and Joe Biden administrations, though it took different shapes.
Officially, the measure was intended to restrict the provision of banking services to firms classified as “high-risk” that may facilitate, whether unintentionally or not, money laundering or terrorist financing.
Initially, it was meant for firearms dealers, payday lenders, and online gambling operators to fall under this category. To the surprise of many compliant crypto firms, they found themselves being unfairly targeted and effectively debanked.
This phenomenon extends beyond the United States; crypto companies in the UK and the broader EU, as well as across Asia, report similar banking pressures. In Europe, for instance, a striking 86% of companies operating in the crypto industry have failed to open a merchant bank account without facing repeated closures; only 14% were lucky enough to go through the process seamlessly.
For traditional banks, caution prevails due to the threat of sanctions for unintended AML breaches and the subsequent reputational harm, not to mention the crypto market volatility, which raises concerns over such firms' solvency. Although the pseudonymity nature of crypto transactions justifies PSPs' decision to de-risk industry firms, no adequate compliance instructions were issued to businesses seeking to avoid being added to the list.
Strategies for Securing Banking Access
Despite the prevailing debanking trend, select electronic money institutions (EMIs) continue to serve cryptocurrency businesses, opening merchant accounts while also offering a lower risk of unexpected disruption or closure. Even so, finding one still proves more difficult than for other industries; businesses should anticipate going through a verification process and due diligence checks before account approval.
Given the complexity of obtaining a bank account for crypto firms, an increasing number of startups seek support from firms like Inteliumlaw, a highly qualified consultancy firm recognized for helping multiple industry businesses launch with a merchant account. With years of advising companies in digital assets, they have built an extensive network of payment providers tailored to crypto clients – with minimal debanking risks – and can help streamline the account acquisition procedure.
What seems a one-day job for a traditional IT startup can demand far more from a crypto venture, proving a daunting process, at the very least. Without professional guidance, firms in the digital assets sector may be unable to secure a reliable banking solution, leaving them at the idea stage far longer than initially anticipated.