Florida bank says it has closed Trump's accounts

[Hydrogen]

A Florida bank announced Thursday that it has closed down former President Trump’s account, joining a growing list of entities that have cut ties with the former president following the deadly Jan. 6 Capitol riot.

In his financial disclosures, Trump had stated he had two money-market accounts with Banks United, The Washington Post reports. The accounts held somewhere between $5.1 million and $25.2 million.

“We no longer have any depository relationship with him," said Banks United, without giving reasons for its decision to shutter the accounts.

Another Florida bank, Professional Bank, last week announced that it would be cutting ties with Trump, saying it would no longer conduct business with the former president or his organizations.

Signature Bank in New York and Deutsche Bank have also said they will no longer be conducting future business with Trump. Signature Bank notably took a strong stance against Trump and his allies in Congress, calling for him to resign and saying it would not conduct business with lawmakers who had objected to certifying the presidential election.

Deutsche Bank is seeking to resolve more than $300 million in loans, reportedly looking to offload the loans onto another lender due to the negative press their dealings with Trump has caused. Deutsche Bank's relationship with the Trump Organization is under a civil investigation by New York attorney general Letitia James.

James is investigating claims made by Trump's former personal attorney Michael Cohen that he had inflated the value of his assets and financial statements. Though the investigation is civil, James has said criminal charges may arise if anything suggesting criminality is discovered during her probe.

Manhattan district attorney Cyrus Vance is also conducting an investigation into whether or not Trump misrepresented the value of his assets in order to receive larger tax deductions. Vance recently expanded his investigation to include the Trump family's Westchester County estate, a historic mansion called Seven Springs, built by former Washington Post publisher Eugene Meyer.

https://thehill.com/policy/finance/banking-financial-institutions/535282-florida-bank-says-it-has-closed-trumps-accounts

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Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Twitter stock trended downward after temporarily suspending Trump's twitter account.

Could something similar happen to Banks United, Professional Bank, Signature Bank and Deutsche Bank.

If they close Trump's accounts & barr him from doing business with the bank industry?

Does this news affect supporters of cashless societies for better or worse.

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[amishmanish]

There was a post by nullius inviting Trump to use Bitcoin. Though you'd have to be on something like Gab or any other platform that going to allow him to communicate.
We all pretty much on one thing. These evil banks have no business declaring themselves suddenly on the right side by closing Trumps' account. As if they will do it for the millions of other entities they enable to maintain an iron-grip on the poor, raw material sources of the world and drain wealth towards their wealthy patrons.

[20kevin20]

If by cashless society you mean Bitcoin and other decentralized solutions, then it's for the better. This is the time where we either all start noticing all the Orwellian mindsets and actions and start attacking them by moving on to uncensored and decentralized solutions or we just lose our privacy probably for a timeframe long enough for even the next generation to notice it.

I doubt Trump would move to cryptos though, at least not publicly. The next thing mainstream media needs to know is exactly this, so they could simply correlate it with the "incitement to rioting" and properly call him a terrorist. He's a billionaire, he turned rich with the help of corps.

[HeRetiK]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

I mean sure, but...

Deutsche Bank is seeking to resolve more than $300 million in loans, reportedly looking to offload the loans onto another lender due to the negative press their dealings with Trump has caused. Deutsche Bank's relationship with the Trump Organization is under a civil investigation by New York attorney general Letitia James.

...we're mostly talking liabilities here, rather than assets. How do you move USD 300MM of debt into a cryptocurrency? Sure, one could do an ICO where Trump's debt gets crowdsourced, but is that something that anyone would want?

[Mauser]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Twitter stock trended downward after temporarily suspending Trump's twitter account.

Could something similar happen to Banks United, Professional Bank, Signature Bank and Deutsche Bank.

If they close Trump's accounts & barr him from doing business with the bank industry?

Does this news affect supporters of cashless societies for better or worse

The crypto world could definitely help Trump and provide some liquidity for his business. Over the last few month there was a huge amount of capital inflow from FIAT currencies. With all that new capital in the bitcoin market and other crypto currencies, Trump could ask for loans. He still has a large portfolio of commercial assets that he could post as collateral against his loans. I think there are a lot of lenders in the crypto world who would lend their capital for Trump. He has been a pretty good business man in the past.

[Wind_FURY]

Trump should have started HODLing some Bitcoin when he became president. He could say fuck you to the banks by passing his coins around and show the public, “Look at me, you cannot censor me, I am using Bitcoin, screw you”. 

[Lucius]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Somehow it seems inconceivable to me that Trump is going in that direction, because he is a classic old-fashioned American who still trusts the domestic national currency the most. Everything that is currently happening with the banks in which he had or still has accounts is just a reaction to recent events, and that will calm down over time. There will always be banks that will accept Trump's money, just as there are tens of millions of people in the US who support him today.

Even if Trump were to move in the direction of switching part of his business to some cryptocurrency, it certainly wouldn’t be Bitcoin or anything like that - unless his opinion of the same would change completely.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,”

[HeRetiK]

Even if Trump were to move in the direction of switching part of his business to some cryptocurrency, it certainly wouldn’t be Bitcoin or anything like that - unless his opinion of the same would change completely.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,”

Also, did everyone forget all of a sudden that just a few weeks ago the Trump administration was trying to regulate non-custodial wallets on their way out?
https://bitcointalk.org/index.php?topic=5293390.0

This was not a crypto-friendly administration. Heck, it wasn't even an internet friendly administration, or did everyone forget about killing net neutrality as well?

[coolcoinz]

Trump should have started HODLing some Bitcoin when he became president. He could say fuck you to the banks by passing his coins around and show the public, “Look at me, you cannot censor me, I am using Bitcoin, screw you”. 

If I'm not wrong there were hopes that Trump's administration would be crypto friendly because of the people that used to work there, like his advisor like Stephen Moore who moved from the Federal Reserve to start a crypto company in 2019. Trump also fired Anthony Scaramucci, who later made a lot of money investing in bitcoin. So Trump used to have a some crypto people around him and was seen as a businessman who understands the free market but really was against alternative investments. We could see that in the latest attempt to "regulate" crypto by Steven Mnuchin. I don't think he'll ever support or use bitcoin. He's stubborn like Warren.

[Sterbens]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

wait, there are several advantages to Trump as a former president.
1. get protection for life from the resident bodyguard.
2. Trump is also still paid, of $ 200,000 / YEAR.
3. Travel costs are borne by the state.
4. Office facilities and correspondence free of charge.
5. Get access to intelligent information.

even though without it all, Trump can still live in luxury from his wealth. and it turns out that Trump's bank account is closed.

[hatshepsut93]

There's still a lot of banks in the west that wouldn't mind dealing with Trump. And there's always Russian banks that helped him in the past.

Does this news affect supporters of cashless societies for better or worse.

It's not like Trump was disconnected from entire banking industry, so I doubt that proponents of removing cash would see this as an example of why centralized money is bad. Unfortunately, when truly eye-opening events will start to occur, it will already be to late to stop "cashless society".

[crwth]

He is probably going to go  for other banks that would cater his needs. I don't think he would like to be without complete control into his finances or something. Let alone his accounts be in BTC in which he has no control over anything but his own wallet. But I think with his reach and influence, he could let other people know to support cryptocurrencies and maybe a lot of people will follow.

[jrrsparkles]

I don't thin Trump will be looking to invest on bitcoin as his first preference after banned by some bank but surely he might considering to buy some bitcoin for the future usage if every banks follows the same and ban his accounts for no reasons. If that happens then this could also act as catalyst towards the mass adoption of crypto currencies not only by his supporters but the whole world will look into it and notice what he did when banks banned his account.

[Natsuu]

He has this old mindset like warren buffet, disregarding high volatility markets like BTC, and thinking it was a scam or something even though results shows a bullish market in stats. So, I don't think he will ever try to move in BTC and just look for different alternatives that might pique his interests.

Besides that, I'm unbelievably curious on the actions that the banks does, so I might need further details on this in the future. And details about the investigation the banks made regarding their accusations.

[bekti3]

He is probably going to go  for other banks that would cater his needs. I don't think he would like to be without complete control into his finances or something. Let alone his accounts be in BTC in which he has no control over anything but his own wallet. But I think with his reach and influence, he could let other people know to support cryptocurrencies and maybe a lot of people will follow.

True to your point, I am more confident that Trump will soon file some lawsuits, and make corrections to his Florida bank account. if not, then Trump will be very dangerous when it comes to fighting back.

[fiulpro]

There was a post by nullius inviting Trump to use Bitcoin. Though you'd have to be on something like Gab or any other platform that going to allow him to communicate.
We all pretty much on one thing. These evil banks have no business declaring themselves suddenly on the right side by closing Trumps' account. As if they will do it for the millions of other entities they enable to maintain an iron-grip on the poor, raw material sources of the world and drain wealth towards their wealthy patrons.

He is not at all willing to use cryptocurrencies therefore I do think that he won't take such step for sure. Therefore in the following days he might try and think of using other banks it's not at all difficult to open an account and he can also transfer the money in the account of his family and friends therefore it's not that serious that he would go and try cryptocurrencies and that would not be genuine.

He is probably going to go  for other banks that would cater his needs. I don't think he would like to be without complete control into his finances or something. Let alone his accounts be in BTC in which he has no control over anything but his own wallet. But I think with his reach and influence, he could let other people know to support cryptocurrencies and maybe a lot of people will follow.

True to your point, I am more confident that Trump will soon file some lawsuits, and make corrections to his Florida bank account. if not, then Trump will be very dangerous when it comes to fighting back.

He won't be dangerous. Period.
He doesn't have any points in his favor, what he did was indeed terrible and because of him a lot of people lost their lives not considering the people he put into the concentration camps.

The bank doesn't close the accounts on a whim or just because they wanted to do so , he for sure did something wrong and therefore faced such charges.

He can file lawsuits sure but let's see if he wants to be in the middle of another controversy or no.

[bitgolden]

It is not really about Trump being a good person or a bad person, it is really irrelevant, he could have been the greatest president ever, have 100+ million votes, win by 400+ EC and remembered as the greatest president USA has ever seen in it is history and make USA the greatest place to ever exist.

It is still a reasonable thing to expect banks not to work with him anymore because dude basically doesn't pay his loans back at all and that is a good enough reason to not work with him. Would a regular bank give a loan to someone who failed to pay his old loans back? Would a bank give someone a loan that has countless bankrupted business? Obviously banks would reject him, well why would they not reject trump just because he was the president, does that mean dude earn the right to get free money from banks never to repay it back? Obviously not. So if you look at all the debt he collected over course of years and never paid and bankrupted so so so many business, it is wise to not work with him anymore.

[Febo]

Florida bank says it has closed Trump's accounts

He is an asshole but things are getting crazy lately. They could close his account if he would break any of their rules. Not just because they want to close them.

There was a post by nullius inviting Trump to use Bitcoin.

How can you expect for Trump to use transparent ledger cryptocurrency where just anyone would see all his transactions?  How could he scam people? Dont you think he care for privacy. All his competitors in business and in politics, not to mention all law officers would see everything he is doing.

[The Sceptical Chymist]

Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Answer to the first question: NO.  Answer to the second: yeah, probably.  Trump is a billionaire and has good relationships with lots of banks, and I don't think he's ever going to have a problem with money.  And this sounds like some banks are trying to distance themselves from Trump because of the violence at the Capitol--but memories are short, and those banks might very well reverse their positions in the future after things have cooled down.

At least Trump doesn't have to deal with shady crypto exchanges that unexpectedly throw in a KYC requirement when you want to withdraw funds.  It's not like any banks have stolen his money or that he has to put up with all the petty shit that we crypto investors have to put up with.

[Tstar]

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Could Trump's 1st response be to seek out liquidity in cryptocurrencies. Or would he be more likely to simply seek out other banks to do business with?

Twitter stock trended downward after temporarily suspending Trump's twitter account.

Could something similar happen to Banks United, Professional Bank, Signature Bank and Deutsche Bank.

If they close Trump's accounts & barr him from doing business with the bank industry?

Does this news affect supporters of cashless societies for better or worse.

Trump will not seek liquidity in cryptocurrencies. You can't do business with an asset that's not accepted by the other party.

The Twitter suspension is 'Permanent', not temporarily: https://blog.twitter.com/en_us/topics/company/2020/suspension.html

There is mass witch-hunting from both sides in the US, but I don't think it has anything to do with Bitcoin.