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 former finance main revealed Financial institution of The united states closed his account devoid of giving a motive, sparking conspiracies that he may possibly have been banned for investing bitcoin or other cryptocurrencies.
  • Roelof Botha is a associate at Sequoia Funds and a board member of Square, Bird, and other technologies providers.
  • Botha tweeted that the lender “decided to fire me as their purchaser” after 20 decades.
  • Seed investor Manu Kumar replied to Botha’s tweet indicating Financial institution of The us also shut his fund’s account at the begin of this 12 months without providing an rationalization.
  • Perspective Organization Insider’s homepage for additional stories.

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PayPal’s previous finance main exposed Financial institution of The united states closed his account with no clarification, sparking conspiracies that he may possibly have been banned for trading bitcoin or other cryptocurrencies.

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

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“Soon after getting a shopper of @BankofAmerica for twenty years, I been given this observe these days that they made the decision to fireplace me as their buyer! With absolutely no clarification….”

Botha — who sits on the boards of Square, Hen, Evernote, and other tech corporations — connected the notice from Lender of The usa, which mentioned his account would be forever closed in 30 days.

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“Following a thorough critique of your banking relationship, we’ve produced the determination to shut your account over,” it reads. “This choice is last and will never be reconsidered.” 

Several associates of the crypto group pointed out that PayPal has banned consumers for trading bitcoin, and instructed Botha may well have been banned by his financial institution for the same reason.

“That is humorous in truth, he did the very same to lots of persons but complains when it occurs to him,” crypto investor @JohanDXB replied to his tweet.

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

Kumar tweeted in January that Lender of America closed his enterprise account owing to a “resolve that this is a business form we have chosen not to provide.”

Tron and BitTorrent CEO Justin Sunshine — who famously paid out $4.6 million for a charity lunch with Warren Buffett and invited Donald Trump to be a part of them, only to postpone at the final moment — explained the exact point occurred to him.

“Me much too 😂 I have been a consumer of @BankofAmerica for 8 decades and get fired as effectively 🤣” he wrote in a tweet that was later deleted.

David Marcus, PayPal’s former president and co-creator of Facebook’s Libra cryptocurrency, replied to Botha’s tweet indicating, “You are clearly not their goal client section…”

Financial institution of The us also replied to Botha’s tweet, indicating “accounts are shut for different good reasons” and inviting him to connect with the organization for a assessment of his accounts.

Bank of The united states failed to right away answer to a request for comment from Business Insider.

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