Tyler Winklevoss Warns Operation Chokepoint 2.0 Remains in Full Swing

Tyler Winklevoss, co-founder of U.S.-based exchange Gemini and VC firm Winklevoss Capital, has alerted about the ongoing status of Operation Chokepoint 2.0, a plan directed to difficult banking access to crypto companies. Winklevoss’ remarks come after the Federal Reserve found Customers Bank, a crypto-friendly bank, had “deficiencies” in compliance with anti-money laundering requirements.

Tyler Winklevoss Accuses Federal Reserve of Applying Anti-Crypto Policies in Operation Chokepoint 2.0

The Federal Reserve has set a precedent harming the possibility of cryptocurrency companies accessing traditional banking services. Tyler Winklevoss, co-founder of regulated crypto exchange Gemini and VC firm Winklevoss Capital, warned about the consequences of the action taken by the Federal Reserve against Customers Bank, stating that this was part of Operation Chokepoint 2.0.

Winklevoss stressed:

Operation Chokepoint 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto “reset” is a scam.

Operation Chokepoint 2.0 is how crypto media has called the plan of government agencies and regulators to close the gates for established cryptocurrency companies to operate in the U.S. This would be done by targeting key elements for their activities, such as banking services.

The Federal Reserve reported having found “significant deficiencies” in the bank’s anti-money laundering compliance measures, prompting this enforcement action from the institution. Now, as a consequence, Customers Bank will have to notify the Federal Reserve of any new banking relationship with a cryptocurrency company with 30 days of advance notice.

Winklevoss criticized this measure, stating that the bank’s compliance system overhaul could have been done without mixing those issues, avoiding creating a choke point for crypto institutions seeking access to banking services.

“Given that Customers Bank is one of the only few crypto-friendly banks remaining in America today, this means that the Fed is now a direct gatekeeper standing between crypto companies and their ability to get a new bank account,” he assessed.

Before, Cameron Winklevoss, Tyler’s twin brother, had criticized the alleged “crypto reset” that Vice President Kamala Harris would be seeking to execute with companies in the industry, calling it a “big bluff.”