Examples of this include the enforcement of anti-corruption and anti-money laundering laws, the closing of bank accounts of sex workers,[1] and people considered to be politically exposed persons.
[4] In September 2023, the FCA announced that it had found that banks had not been closing customers' accounts for political reasons.
[11] The term has gained traction after being discussed on a November 2024 The Joe Rogan Experience podcast with investor Marc Andreessen, in particular with respect to cryptocurrency assets.
[12] Coinbase crytocurrency exchange has released statements that lititgation with the Federal Deposit Insurance Corporation (FDIC), asking financial instutions to, "pause all crypto asset-related activity.
"[13] Multiple instances of U.S. and Canadian banks reportedly dropping Muslim clients on questionable grounds have been covered in the media.