MetaMask Owner Lost Banking Access Twice Amid “Operation Chokepoint 2.0”

Joe Lubin, founder and CEO of Consensys, revealed that his company was targeted twice by U.S. banking restrictions under what has been referred to as Operation Chokepoint 2.0.

Despite efforts by its bank to resist regulatory pressure, Consensys eventually lost access to key banking services.

Lubin disclosed in an interview that his company, best known for developing MetaMask, handled the situation by using backup accounts to keep things running smoothly. He also confirmed that he was personally affected during the crackdown.

Concerns over crypto debanking have grown in recent months, with industry leaders such as Andreessen Horowitz’s Marc Andreessen speaking out publicly.

Ripple CEO Brad Garlinghouse also revealed that he was personally severed from his longtime banking relationship with Citigroup because of his role in the crypto industry. Garlinghouse stated that Citigroup, where he had been a customer for over 25 years, gave him just five days to move his funds.

Among those affected were executives like Tornado Cash co-founder Roman Storm and Custodia Bank CEO Caitlin Long.

Operation Chokepoint 2.0 refers to the Biden administration’s regulatory pressure on banks to cut off services to crypto-related businesses and executives. Similar to the original Operation Chokepoint, launched by the Department of Justice under the Obama administration, the effort sought to restrict access to financial services for legally operating but politically targeted industries.

Lubin described how Consensys’ primary bank—which he declined to name—faced increasing pressure from U.S. regulators to close the company’s account.

“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 said. “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, and we’ll let you know if we have to do something.’”

Despite these efforts, Lubin said the bank was ultimately forced to comply.

“The bank finally said, ‘We can’t do anything more. We’re going to have to shut down your account. We’re very sorry,’” he explained.

A source familiar with the situation identified the bank as Wells Fargo, though the bank declined to comment.

The situation shifted after Donald Trump’s election victory in November 2024. According to Lubin, the day after the election, the bank’s relationship manager reached out to Consensys’ chief financial officer with a different tone, even inviting them to a basketball game.

Lubin also shared that an earlier banking partner had previously closed both his personal and business accounts without warning, sending only a generic closure notice.