Capital One Has Closed Over 300 Trump Organization Accounts After Anti-Money Laundering Review: Report

• Capital One reportedly said it closed more than 300 Trump Organization accounts after a months-long review of anti-money laundering.
• The bank is seeking to dismiss a suit by the Trump Organization and Eric Trump, saying the political debanking claims lack merit.
• Trump-linked entities say the accounts were shut down for political reasons following the Jan. 6 Capitol riot in 2021.

Capital One Financial (COF) reportedly said that it closed the bank accounts of the Trump Organization after a months-long review by its anti-money laundering (AML) team, marking the first time a bank has publicly linked AML concerns to the President's family business.

The bank moved to dismiss a lawsuit filed by the Trump Organization and Eric Trump, claiming the allegations of political debanking were “misguided” and “based on cherry-picked quotations unsupported by the full context” of documents submitted to the court, Reuters reported on Saturday. 

The types of transaction patterns identified by Capital One “are among the types of activity flagged by federal banking guidance,” the bank said. However, Capital One has not accused the Trump Organization of illegal money laundering but said it is only making the AML review public now as a result of the litigation, according to the report. The report also stated that “the disclosure marks the first time a bank has formally tied money laundering concerns to U.S. President Donald Trump's family business.”

COF stock closed down 0.54% on Friday. On Stocktwits, the retail sentiment around COF remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

The Lawsuit And The Debanking Fight

According to the Trump Organization and Eric Trump, the lawsuit, brought in a Florida federal court in March last year, alleged that Capital One shut down more than 300 Trump-affiliated accounts in March 2021 because of the bank’s “woke” beliefs and an attempt to take advantage of the political moment after the January 6, 2021 Capitol riot.

The action was part of a wider push by the Trump administration to crack down on what it considers politically motivated account closures. In August 2025, Trump signed an executive order banning discriminatory debanking, and in January, he filed a separate lawsuit against JPMorgan Chase (JPM) on similar grounds.

Crypto Holdings Add To It

The debanking fight has also become a flashpoint in the broader crypto-policy debate. Trump's disclosed cryptocurrency holdings, which include a 38.25% economic interest in World Liberty Financial (WLFI) and over $50 million in Bitcoin (BTC) held in cold storage, have lost an estimated $44.4 million in paper value. 

WLFI’s price was up over 3% in the last 24 hours. On Stocktwits, retail sentiment around WLFI remained in the ‘bearish’ zone, while chatter dropped to ‘low’’ from ‘normal’ levels over the past day.

Read also: Bitcoin's August Curse Returns? Analysts See Conflicting Signals Despite Bullish Setups

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