The co-CEO of the crypto exchange’s parent company, Arjun Sethi, said that Mazars found no violations or fraud. However, in 2022, the firm walked away from an almost completed audit due to political pressure from the then U.S. authorities. This damaged the crypto exchange’s reputation. Sethi claims that the FDIC sent at least 25 letters to 24 banks. The letters instructed them to suspend or refrain from expanding activities related to cryptocurrencies. More than 30 crypto companies were affected during the Biden administration’s Choke Point 2.0 operation to cut the crypto industry off from financial services. However, Trump, fulfilling his campaign promises, ordered an investigation into misconduct against crypto firms.