Citigroup terminates banking services to Ripple CEO

ChainCatcher news, Ripple CEO Brad Garlinghouse stated on Wednesday that his long-standing banking relationship has been terminated due to his status as a prominent figure in the cryptocurrency space.

Brad Garlinghouse said, "Individuals in the crypto industry are being terminated from banking services, and I have also been terminated from banking services. They told me I had five days to move my money. They said that being a well-known figure in the cryptocurrency space and providing banking services to the cryptocurrency industry means facing more scrutiny from federal regulators."

Garlinghouse linked his experience to a broader trend in the U.S. industry, which has been struggling to maintain relationships with banks as regulators have warned financial institutions to limit their involvement in cryptocurrencies. The institution that recently severed ties with him is Citigroup, where he had been a client for about 25 years. He also mentioned that this is not the only personal banking relationship he has lost due to his role in the cryptocurrency space.