{"id":33888,"date":"2024-12-22T15:21:07","date_gmt":"2024-12-22T12:21:07","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33888"},"modified":"2024-12-22T15:21:07","modified_gmt":"2024-12-22T12:21:07","slug":"relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out\/","title":{"rendered":"Relationship Building as a Hedge Against Debanking: OKX Exec Speaks Out"},"content":{"rendered":"<p>Documents released on Dec. 6 revealed that the <strong>Federal Deposit Insurance Corporation (FDIC)<\/strong> asked banks to pause crypto-related activities.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out\/#Risks_Between_the_Crypto_Sector_and_Banking_Systems\" title=\"Risks Between the Crypto Sector and Banking Systems\">Risks Between the Crypto Sector and Banking Systems<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out\/#The_Global_Problem_of_Debanking\" title=\"The Global Problem of Debanking\">The Global Problem of Debanking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out\/#Debanking_Cases_in_the_United_Kingdom\" title=\"Debanking Cases in the United Kingdom\">Debanking Cases in the United Kingdom<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Risks_Between_the_Crypto_Sector_and_Banking_Systems\"><\/span>Risks Between the Crypto Sector and Banking Systems<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The cryptocurrency industry faced the threat of being excluded from traditional banking systems under <strong>Operation Chokepoint 2.0<\/strong>. <strong>Jason Lau<\/strong>, Chief Innovation Officer at the crypto exchange and self-custody wallet provider <strong>OKX<\/strong>, emphasized that building strong relationships with banks and financial stakeholders serves as a strategic safeguard against <strong>debanking<\/strong> threats.<\/p>\n<p>Lau highlighted that the traditional financial world is heavily based on trust and that building relationships with banking institutions, financial regulators, and other stakeholders is essential to maintaining strong partnerships. In an interview with Cointelegraph, Lau stated:<br \/>\n<em>&#8220;You need to take the time to build relationships with all your stakeholders, including regulators and your banking partners. We&#8217;ve spent years and years working with our partners and stakeholders to make sure they understand our business.&#8221;<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Global_Problem_of_Debanking\"><\/span>The Global Problem of Debanking<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many <strong>Operation Chokepoint 2.0<\/strong> debanking cases originated in the <strong>United States<\/strong> and involved US-based entities. However, debanking continues to be a global issue with implications for business, technological innovation, and freedom of speech.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-12\/0193eca2-7e19-7589-934b-3d13906c2308\" alt=\"interpol\" width=\"1680\" height=\"1200\" \/><\/p>\n<p>For instance, <strong>Ben Rose<\/strong>, the former regional manager of Binance Australia, claimed that the exchange was <strong>given only 12 hours\u2019 notice<\/strong> before being debanked. The debanking, which occurred in the middle of the night, reportedly came without a clear explanation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Debanking_Cases_in_the_United_Kingdom\"><\/span>Debanking Cases in the United Kingdom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In July 2023, leaked documents revealed that UK politician <strong>Nigel Farage<\/strong> was debanked due to his political views. This led the <strong>UK government<\/strong> to propose revoking banks\u2019 licenses if they violate freedom of speech.<\/p>\n<p>The UK government laid out the following consumer protection provisions for banks:<\/p>\n<ul>\n<li>A three-month notice to customers before account closures,<\/li>\n<li>An explicit reason for account closure,<\/li>\n<li>An opportunity to appeal the closure.<\/li>\n<\/ul>\n<p>In 2023, crypto companies in the UK also reported being turned away by banks. Common issues included excessive paperwork, frozen accounts, and rejected applications without sufficient explanation.<\/p>\n<p>As of 2024, crypto firms and projects continue to face similar challenges.<\/p>\n<p><strong>Debanking<\/strong> gained widespread recognition in online platforms and digital culture, earning a spot on the <strong>2023 Collins Dictionary\u2019s Word of the Year<\/strong> shortlist.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Documents released on Dec. 6 revealed that the Federal Deposit Insurance Corporation (FDIC) asked banks to pause crypto-related activities. Risks Between the Crypto Sector and Banking Systems The cryptocurrency industry faced the threat of being excluded from traditional banking systems under Operation Chokepoint 2.0. Jason Lau, Chief Innovation Officer at the crypto exchange and self-custody<\/p>\n","protected":false},"author":28,"featured_media":33889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[872,22,10353,393,2797,4672,9821,4871,10352,10350,10351,816,9820,1851],"class_list":["post-33888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-banking","tag-binance","tag-consumer-protection","tag-crypto","tag-crypto-companies","tag-crypto-regulations","tag-debanking","tag-fdic","tag-freedom-of-speech","tag-jason-lau","tag-nigel-farage","tag-okx","tag-operation-chokepoint-2-0","tag-united-kingdom"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Relationship Building as a Hedge Against Debanking: OKX Exec Speaks Out - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/relationship-building-as-a-hedge-against-debanking-okx-exec-speaks-out\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Relationship Building as a Hedge Against Debanking: OKX Exec Speaks Out - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Documents released on Dec. 6 revealed that the Federal Deposit Insurance Corporation (FDIC) asked banks to pause crypto-related activities. 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