Brian Armstrong, the CEO of Coinbase, has taken to Twitter to investigate reports of suspicious account closures at Bank of America. Armstrong asked his 1.2 million followers if any Coinbase customers who are also Bank of America clients have had their accounts closed due to their transactions with the exchange. Shockingly, 9% of respondents confirmed that their accounts had been closed, which would translate to roughly 1,200 people given that there were 13,746 respondents to the question as of press time.

Muneeb Ali’s Experience

This news comes after Bitcoin layer-2 platform Stacks co-creator Muneeb Ali tweeted that his personal Bank of America bank account was closed without any reason given. Ali claims that it was due to the transactions on Coinbase he made through the account to buy and sell Bitcoin. Ali believes that this is a war on Bitcoin and crypto and has vowed not to stay silent.

Similar Cases and Frustration

Several people with similar cases of sudden account closures at Bank of America have used Twitter to share their frustration in recent weeks, though the closures were not necessarily tied to their crypto activity. One user tweeted that their account was shut down without any notice or explanation, even after several attempts to reach a customer representative at the bank. The person had not made any crypto transactions, however, they told CoinDesk.

Possible Reasons and Speculations

It remains unclear why Bank of America is closing accounts of Coinbase clients, but the situation is causing concern among crypto enthusiasts. Some speculate that this is part of Operation Choke Point 2.0, which targets businesses deemed high-risk by the government. Regardless of the reason, Armstrong’s investigation into the matter is a step in the right direction toward ensuring that crypto enthusiasts are not unfairly targeted by financial institutions.