Wise Faces Mounting Criticism for crypto Account Freezes, Despite Web3 Potential
LONDON - Fintech firm Wise is facing renewed scrutiny following reports of account freezes impacting individuals involved in the cryptocurrency industry, despite the potential for Web3 integration to bolster its cross-border payment services. The incidents, reported throughout 2024 and into early 2025, have sparked comparisons to “Operation Choke Point,” a controversial government initiative aimed at curbing access to financial services for certain businesses deemed high-risk.
While Wise permits accepting fiat salaries from Web3 companies, community members allege the platform is actively hostile towards cryptocurrency-related activity. Several users have publicly reported having their accounts suddenly frozen after providing standard business documentation, raising concerns about discriminatory practices and hindering participation in the burgeoning digital asset space.
The controversy centers on Wise’s apparent unwillingness to fully embrace Web3, despite its logical alignment with the company’s core business. Cross-border transactions are a key driver of global cryptocurrency usage, and grassroots adoption is accelerating across multiple continents. However, Wise has not yet moved to incorporate cryptocurrency functionality into its platform.
sebastian Bürgel, a user affected by the account freeze, shared his experience on X (formerly Twitter) on January 3, 2025, stating, “Do NOT rely on @Wise if you work in crypto - Operation Choke Point 2.0 is still ongoing!” Bürgel detailed being asked for a bank statement for his corporate LLC, suggesting heightened scrutiny of crypto-related businesses.
A job posting from Wise seeking someone to determine “How the company can allow customers to hold digital assets within their Wise account” indicates internal consideration of Web3 integration, but the continued account freezes suggest a lack of progress. The company’s reluctance to engage with the cryptocurrency sector could hinder its growth, as negative publicity and community distrust pose notable challenges in the rapidly evolving Web3 landscape.
