Operation Chokepoint: последствия и выводы для криптобизнеса

Crypto Business Debanking: How to Protect Your Company and What to Do If Your Account Is Closed

Debanking—the unilateral closing of an account by a bank—has become a critical risk for crypto companies. Regulatory pressure and tightening compliance requirements threaten the operational activities of even the most diligent players. This article is a practical guide for executives that will help not only prepare for the worst-case scenario but also minimize the risks of it occurring.

What to Do Right Now: 3 Steps to Protection

Conduct a Compliance Audit. Assess how well your AML/KYC procedures meet the expectations of regulators and partner banks. Ensure that all actions are documented.

Open Backup Accounts. Establish at least 2–3 bank accounts in different jurisdictions and with different types of providers (traditional banks, EMIs) to avoid dependency on a single partner.

Develop an Operational Plan. Prepare and test a step-by-step action plan in case of an account closure notice, assigning responsible parties and defining timelines.

This article is addressed to founders and executives of fintech startups, crypto platforms, and payment providers with an annual turnover of $1 million or more. Implementing these recommendations will require an in-house or external compliance specialist, a budget for AML tools ($5,000–$50,000+ per year), and access to qualified legal counsel.

What Is Debanking and Operation Chokepoint 2.0?

Debanking — The unilateral termination of banking services. A bank closes the account of a client it deems too risky due to their industry, reputation, or lack of transactional transparency.
Operation Chokepoint 2.0 — An unofficial term for coordinated actions by US regulators in 2022–2023 aimed at restricting the crypto industry's access to the banking system. It refers back to a similar 2013 program and highlights the systemic nature of the pressure on the industry.

Step 1. Preventive Measures: Building Your Defense

Comprehensive AML Monitoring

Banks expect end-to-end analysis of the source and movement of funds, not just formal sanctions screening.

Establish Reasonable Thresholds and Triggers. Implement specific rules for monitoring in your AML policies.
Important: The values below are benchmarks that must be calibrated based on your historical data, business model, and jurisdictional requirements.
Periodic KYC Updates: Annually for standard clients, every 6 months for High-Risk clients.
Trigger for Enhanced Due Diligence (EDD): When a client's cumulative turnover exceeds $15,000 per year.
- Rationale: This threshold often correlates with requirements for filing Suspicious Activity Reports (SAR/STR) in several jurisdictions (e.g., the US). Analyze your clients' turnover distribution to set a relevant threshold for your business.
Transaction Monitoring Triggers:
- Sharp Volume Change: A transaction exceeding the client's average daily turnover by 3–5 times (calculated over 30–90 days).
  - Rationale: The ×5 multiplier is a common heuristic for identifying anomalies. Start with it and adjust based on an analysis of false positives in your transaction sample.
- Abnormal Activity: More than 10 account logins from different IP addresses within 24 hours.
- Interaction with High-Risk Services: Transfers to mixers, unlicensed gambling platforms, or darknet marketplaces (as defined by your AML vendor).
Working with AML Vendors. Use specialized blockchain analysis solutions (Chainalysis, Elliptic, TRM Labs).
- Selection Criteria: Asset coverage, data accuracy, support SLAs, API latency, and cost.
- Configuration and KPIs: Be prepared for false positives. Work with the vendor to fine-tune rules. Track key metrics: True Positive Rate (TPR), False Positive Rate (FPR), and system response time. Include requirements for support levels and downtime resolution in your contract.

Documentation and Evidence Retention

Create a comprehensive documentary base confirming the effectiveness of your compliance procedures.

What to Store:
- KYC Data: Profiles, supporting documents.
- Transaction Data: AML check reports with risk scores.
- Metadata: Transaction hashes (TxID), timestamps, IP addresses, session user agents, and chain proofs (evidence of wallet ownership).
- Communications: Correspondence with clients regarding compliance issues.
- Internal Documents: Signed and dated versions of AML/KYC policies, internal audit reports, and staff training records.
Retention Periods: At least 5 years after the termination of the client relationship (per 5AMLD in the EU), but always verify local requirements.
Integrity of Evidence: When submitting to a bank or court, package evidence into archives (ZIP, 7z) with a digital signature or hash sum calculation. This proves that the data has not been altered after export.

Evidence Pack Template

Prepare files with unified naming conventions for quick export:

[ClientID]_KYC_Profile_[YYYY-MM-DD].pdf

[ClientID]_Transaction_History_[DateRange].xlsx

[TransactionID]_AML_Report_[YYYY-MM-DD].pdf

Company_AML_Policy_v[Version]_[Date].pdf

Diversification and Legal Preparation

Dependence on a single bank is a strategic error.

Open 2–3 accounts in different banks and jurisdictions (e.g., Switzerland, Singapore, UAE, EU). In addition to traditional banks, work with fintech providers and EMIs (Electronic Money Institutions).
Analyze Banking Agreements. Insist on including the following clauses in the contract:
- Notice Period: The bank's obligation to notify you of account closure 30–60 days in advance (unless related to a fraud investigation).
- Transfer of Funds: A guarantee of the unhindered transfer of remaining balances to another of the company's accounts.
- Dispute Resolution Procedure: A clearly defined escalation and mediation process.
- SLA on Request Processing: Timelines for the bank to respond to your compliance-related inquiries.

Step 2. Response Plan for an Account Closure Notice

Act quickly, systematically, and within the legal framework.

Warning: Anti-Tipping-Off Rules

In most jurisdictions (including the US, EU, UK), it is prohibited to inform a client that a Suspicious Activity Report (SAR/STR) has been filed against them or that an investigation is underway. Hurriedly withdrawing all funds from an account after receiving a notice may be viewed by the bank or regulator as an attempt to obstruct justice, which could lead to asset freezing or forfeiture.
Always consult with a lawyer before making large transfers.

Operational Action Plan (RACI Matrix)

Phase	Timeline (SLA)	Key Actions	Responsible (R – Responsible, A – Accountable, C – Consulted, I – Informed)
1. Alert and Assessment	1–2 hours	1) Assemble emergency team. 2) Determine exact balance in the account. 3) Assess the share of operations processed through the account. 4) Prepare compliance documentation pack.	R: CFO, Compliance Officer; A: CEO; C: Lawyer; I: Department Heads
2. Communication and Operations	24 hours	1) Send an official inquiry to the bank requesting clarification. 2) Activate backup payment channels. 3) After consulting a lawyer, initiate transfer of a portion of the funds. 4) Notify key counterparties of the change in banking details.	R: CFO, Lawyer; A: CEO; C: Compliance Officer; I: Customer Support
3. Escalation and Analysis	72+ hours	1) Analyze the bank agreement for potential breaches on their part. 2) Send a follow-up inquiry if no response is received. 3) Prepare a complaint to the financial ombudsman or regulator (Central Bank, financial supervisor). 4) Evaluate the feasibility of litigation.	R: Lawyer, Compliance Officer; A: CEO; C: External Consultants; I: Board of Directors

Communication Templates

Information Request to the Bank:

Subject: Information Request regarding Account [Account Number]

Dear [Manager Name],

We received notice dated [Date] regarding the termination of our account services. As a fully compliant organization, we strive for maximum transparency. We request more detailed information regarding the reasons for this decision. We are prepared to provide any additional documentation to clarify the situation.
Notice to Counterparties:

Subject: Important: Update to Payment Details for [Your Company Name]

Dear Partners,

Please be advised that effective [Date], all payments to our address should be made using the following details: [New Details]. Please update this information in your systems to avoid delays.

Common Bank Objections and How to Answer Them

Bank Statement	Your Evidence and Actions	Files to Provide
"Opaque origin of funds on your crypto wallets."	We use [AML tool name] to analyze 100% of incoming transactions. We provide reports confirming low risk for more than 99% of operations and describe our EDD procedure for high-risk transactions.	AML system report exports; description of EDD procedure; examples of processed high-risk cases.
"Your business model is high-risk."	We recognize the risks and manage them through a comprehensive AML/KYC policy. We provide a document describing client risk scoring, monitoring, and staff training.	AML/KYC policy; risk matrix; employee training logs.
"You work with clients from undesirable jurisdictions."	Our policy prohibits servicing clients from sanctioned (OFAC, UN, EU) and high-risk (FATF "grey"/"black" lists) jurisdictions. This is enforced via IP blocking, document verification, and sanctions screening.	Jurisdictional policy; technical description of geoblocking mechanism; sanctions screening reports.

Debanking Lessons: Practice Case Studies

Strike. CEO Jack Mallers has repeatedly stated the difficulties in finding banking partners in the US due to regulatory pressure under "Operation Chokepoint 2.0." This forced Strike to diversify banking relationships and more actively develop operations outside the US (based on the CEO's public statements in 2023).
Conclusion: Even public companies are vulnerable.
Kontigo. In 2023, the payment processor lost its primary account with almost no warning, leading to disruptions. According to industry media (Finance Magnates), the reason was a change in the bank's risk appetite regarding fintech companies.
Conclusion: A sudden change in bank policy is a real risk requiring backup accounts.

Conclusion

Transparency, diversification, and incident readiness are the three keys to crypto business resilience. Do not wait for a crisis—act preemptively.

Appendix A: Management Response Plan (One-Pager)

Stage	Timeline	Actions	Lead (Responsible)
1. Situation Assessment	1–2 hours	Assemble team (CEO, CFO, Lawyer, Compliance). Assess frozen funds and operational impact. Prepare compliance document pack.	CFO
2. External Communication	2–24 hours	Send official inquiry to the bank for clarification. Notify key partners of details change.	Lawyer
3. Operational Stabilization	2–24 hours	Activate backup accounts. Consult lawyer and begin fund transfers.	CFO
4. Legal Escalation	72+ hours	Analyze contract and prepare complaint to regulator/ombudsman.	Lawyer

Consequences of the End of Operation Chokepoint: Analysis for Crypto Businesses