Debanking and the Return of Operation Choke Point.

The article discusses the phenomenon of "debanking" where banks cancel accounts under government pressure, particularly in cases involving high-risk activities or industries. The Bank Secrecy Act requires banks to monitor customer activity and file reports with the Treasury Department if illicit activity is suspected. The government's pressure on banks to close accounts, as seen in Operation Choke Point, has affected various businesses and individuals, including those in the crypto industry and politically disfavored groups. The article highlights the challenges faced by banks in navigating regulatory requirements and the impact on customers who may have their accounts closed without explanation. [Extracted from the article]