ConsenSys, an Ethereum software developer most recognized for its MetaMask wallet, has faced significant challenges from U.S. authorities’ attempts to disrupt its financial operations. CEO Joe Lubin revealed that the company has been debanked twice, discussing these issues in a recent interview.

The latest incident involved a major U.S. bank exerting its best efforts against governmental pressure. According to a source familiar with the situation, this bank is Wells Fargo.

Lubin mentioned that the company successfully navigated what is referred to as Operation Chokepoint 2.0 by maintaining redundant backup accounts, which helped prevent operational troubles. He also noted that he was personally affected during this episode.

“The bank indicated to us they were getting a lot of pressure to shut down our account: a $7 billion company, always been an excellent customer for them,” Lubin stated.

“They basically said, ‘We like you guys. We don’t want to do this. We’re going to try to delay the process as long as possible…’”

The first Operation Chokepoint, initiated during President Obama’s administration, aimed to restrict access to bank services for certain politically undesirable businesses. In recent months, the issue of crypto debanking has gained traction, highlighted by leaders in the industry discussing its implications publicly.

Despite some banks attempting to withstand the pressure from authorities, Lubin acknowledged that eventually, the weight of the demands proved too much for his bank, which had to close his account.

This narrative reveals ongoing tensions in the cryptocurrency space, particularly regarding regulatory interventions and their impact on viable businesses.