💵 $5M Citibank Account Closed After $1M Coinbase Transfer — Can Trump’s Order Stop Debanking?

When Citibank closed a client’s $5 million account after a single Coinbase transfer, it showed the brutal reality of debanking. Donald Trump’s new executive order claims to protect political targets, but does it actually stop banks from shutting down crypto users?

In this video, Clinton Donnelly explains:
• What debanking is and how it happens
• Why Trump’s order doesn’t fix FinCEN’s “high-risk” crypto rules
• How global FATF guidance drives anti-crypto banking policies
• Why cash laundering is still a bigger threat than blockchain

📞 Protect your crypto & tax future:
https://www.cryptotaxaudit.com/crypto-tax-consultation

📚 Resources:
🔗 Official FinCEN Guidance: https://www.fincen.gov
🔗 FATF Crypto Guidance: https://www.fatf-gafi.org

🕦 Timestamps:
00:00 – Trump’s executive order to stop debanking
00:11 – What “debanking” means — banks closing accounts over activities
00:29 – $5M Citibank account closed after $1M Coinbase transfer
00:41 – Citibank’s anti-crypto policy and the mailed $5M check
01:06 – Trump’s order: protections for political accounts only
01:45 – Why banks can still close crypto accounts under “illegal activity”
01:50 – FinCEN’s high-risk crypto designation explained
02:20 – Banks’ 6-hour “enhanced due diligence” cost burden
03:02 – How FATF global rules influence U.S. bank policy
03:19 – Cash vs. crypto: which is really riskier for laundering?
03:46 – The real fix: challenge FinCEN and FATF to lower crypto risk classification

🎙️ About Clinton Donnelly
Clinton Donnelly, LLM, EA, is the founder of CryptoTaxAudit.com, the leading crypto tax and audit defense firm for U.S. taxpayers. Known as the “Crypto Tax Fixer,” he’s helped thousands of investors legally report their crypto holdings and defend against IRS scrutiny.

🏆 Award-Winning Expertise
In 2025, CryptoTaxAudit was named Cryptocurrency Taxation Services of the Year by Financial Services Review, recognizing Clinton’s unmatched reputation and legal precision in the crypto tax space. - https://www.financialservicesreview.com/cryptotaxaudit

CryptoTaxAudit specializes in:
✅ Complex gain calculations and wallet tracking
✅ Expat and foreign disclosure compliance
✅ IRS audits, defense, and forensic tax strategies
✅ Bulletproof crypto tax returns designed to resist audits

📬 Work with the CryptoTaxAudit team:
👉 https://www.cryptotaxaudit.com/tax-prep-waiting-list

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📜 Disclaimer
The content in this video is for educational and entertainment purposes only. While we aim to provide accurate and up-to-date information about cryptocurrency taxation, this is not intended as legal, tax, or financial advice. Always consult with a qualified tax professional to ensure compliance with IRS regulations and accurate reporting of your cryptocurrency transactions.

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