Crypto Faces a Banking Crisis. For Some, It’s a Conspiracy

When Citibank locked trading platform Swan Bitcoin out of its corporate bank account in October, it did so without warning or explanation. The only confirmation of what had happened came in the form of a paper check for the account balance, delivered to an old home address of Cory Klippsten, Swan’s CEO.

“There was absolutely no notice,” says Klippsten. “We got no phone call, no email, no snail mail letter—nothing. They just shut it down.”

Swan had a secondary account at another bank and so could still make payroll, but for a smaller firm this could have been an “existential threat,” Klippsten says. Citibank did not respond to a request for

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