PayPal’s former finance chief says Bank of America closed his account with ‘absolutely no explanation’

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Roelof BothaBrian Ach/Getty

  • PayPal’s previous finance main revealed Lender of The united states shut his account devoid of giving a rationale, sparking conspiracies that he might have been banned for investing bitcoin or other cryptocurrencies.
  • Roelof Botha is a spouse at Sequoia Money and a board member of Square, Chicken, and other technological innovation corporations.
  • Botha tweeted that the bank “made a decision to hearth me as their shopper” following twenty yrs.
  • Seed investor Manu Kumar replied to Botha’s tweet expressing Lender of The united states also shut his fund’s account at the commence of this calendar year without having giving an rationalization.
  • Look at Business enterprise Insider’s homepage for extra stories.

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PayPal’s previous finance main disclosed Lender of The us shut his account without having explanation, sparking conspiracies that he could have been banned for investing bitcoin or other cryptocurrencies.

Roelof Botha, a spouse at Sequoia Money and a single of Silicon Valley’s most well-known traders, shared the information in a tweet on Monday.

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“Right after being a purchaser of @BankofAmerica for twenty a long time, I gained this detect right now that they made a decision to fireplace me as their shopper! With definitely no explanation….”

Botha — who sits on the boards of Square, Fowl, Evernote, and other tech companies — attached the see from Bank of The usa, which mentioned his account would be completely closed in thirty days.

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“Following a careful assessment of your banking romantic relationship, we have manufactured the determination to near your account over,” it reads. “This determination is ultimate and is not going to be reconsidered.” 

Many customers of the crypto neighborhood pointed out that PayPal has banned consumers for investing bitcoin, and prompt Botha may perhaps have been banned by his lender for the similar explanation.

“That is humorous in fact, he did the exact to lots of people but complains when it happens to him,” crypto trader @JohanDXB replied to his tweet.

Manu Kumar — head of seed fund K9 Ventures, which invested in Lyft and Twilio — replied that the “same point occurred to @K9Ventures’ account at @BankofAmerica. No clarification what so at any time.”

Kumar tweeted in January that Lender of The us shut his firm account because of to a “willpower that this is a organization type we have picked not to provide.”

Tron and BitTorrent CEO Justin Solar — who famously paid $4.six million for a charity lunch with Warren Buffett and invited Donald Trump to join them, only to postpone at the previous minute — mentioned the similar detail occurred to him.

“Me as well 😂 I have been a buyer of @BankofAmerica for eight several years and get fired as well 🤣” he wrote in a tweet that was later on deleted.

David Marcus, PayPal’s former president and co-creator of Facebook’s Libra cryptocurrency, replied to Botha’s tweet indicating, “You might be clearly not their focus on customer phase…”

Financial institution of America also replied to Botha’s tweet, expressing “accounts are closed for several explanations” and inviting him to simply call the enterprise for a review of his accounts.

Bank of The us didn’t right away reply to a request for comment from Organization Insider.

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