The article discusses significant barriers faced by individuals in the cryptocurrency industry when seeking banking services in the US. Austin Federa's experience with HSBC highlights the reluctance of major banks to work with crypto professionals, forcing them to choose between careers in crypto or access to financial services. This string of incidents raises concerns about a broader conspiracy against the crypto industry under the Biden administration, with critics claiming that bureaucrats are trying to marginalize bitcoin and related businesses from the traditional banking system.
In crypto circles, stories of difficulties in securing loans and banking services in the US are common, with many firms stonewalled by multiple banks before finding basic banking.
Federa was astonished when HSBC would only grant him a mortgage if he left his job at the Solana Foundation, explicitly stating it was due to crypto.
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