Big banks are making it harder and more expensive for consumers to use fintech and crypto apps, which amounts to what could be seen as “Operation Chokepoint 3.0.”

That’s according to Alex Rampell, General Partner at venture capital firm Andreessen Horowitz (a16z). In its latest fintech newsletter, Rampell pointed to traditional financial institutions charging high fees to access account data or move money, particularly to services like Coinbase or Robinhood, as a move to strangle the competition.

“Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,” Rampell said. “That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like,” he added.

Chokepoint 2.0 refers specifically to the debanking of crypto businesses and executives as a result of pressure exerted during President Joe Biden’s administration by regulatory authorities like the Federal Deposit Insurance Corp (FDIC). After Donald Trump was elected U.S. president, the Chokepoint 2.0 ended as regulators reversed many of the directives put in place during the previous administration.

JPMorgan accusation

JPMorgan Chase, one of the largest U.S. banks, was singled out as an example.

Under current U.S. law, specifically Section 1033 of the Dodd-Frank Act, consumers have a right to access their own financial data.

But banks are now asserting control over how that data is delivered electronically, sometimes charging fees for access to information as basic as routing and account numbers.

A16z’s executive argued that such tactics could make transferring funds to alternative platforms more costly, deterring users and reducing competition.

“If it suddenly costs $10 to move $100 into a crypto account,” Rampell wrote, “maybe fewer people will do it. And if JPM and others can block consumers from connecting their own freely chosen crypto and fintech apps to their bank accounts, they effectively eliminate competition.”

Rampell’s words echo those of Gemini co-founder Tyler Winklevoss, who said JPMorgan charging fintech platforms for access to customer banking data will “bankrupt” them. “This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”

Read more: Winklevoss Claims JPMorgan Halted Gemini Onboarding After Data Access Fees Criticism

JPMorgan hasn’t address the platform directly, but did address the criticism. The bank told Forbes that nearly 2 billion monthly requests for user data come from third parties, and that by charging fees it aims to curb misuse.

Rampell, meanwhile, is calling on the Trump administration to stop such practices by the banks before they become standard among the rest of the financial institutions.

“In a perfect world, consumers would vote with their wallets. But every bank will likely do this, and getting a new banking charter takes years. Many banks have hostages, not customers,” Rampell said.

“We don’t need a new law; we just need the administration to prevent this callous and manipulative attempt to kill competition and consumer choice,” he added.

Ubisoft is set to launch a new version of its turn-based strategy game Champions Tactics on Steam this Monday, May 19. The game, titled Champions Tactics: Reforged, is a free-to-play version that does not include any blockchain features or NFT integration.

The Steam release marks a departure from earlier editions of the game that relied on web3 technologies. Ubisoft has confirmed that this version is aimed at players who prefer a traditional experience without digital asset ownership or blockchain-based mechanics.

The game’s arrival on Steam also coincides with the transition from Season 3 to Season 4, which begins the same day. Ubisoft has stated that some changes will be introduced as part of this update, but full details have not yet been published.

What can we expect from the Steam launch?

Champions Tactics: Reforged is a squad-based turn-based game where players select three characters, referred to as “champions,” each with different attributes and abilities with the goal of competing against other players in structured matches.

Unlike the Grimoria Chronicles version of the game—which incorporates NFTs and blockchain-based assets—the Steam edition will not support any Web3 features. Players will not be able to import NFT champions or interact with on-chain economies. Instead, Reforged focuses on a fully web2 experience where champions can be unlocked and crafted using in-game items called “Bloodstones.”

Although the game is listed as free to play, the Steam store confirms it will include in-app purchases. Ubisoft describes the experience as “tactical play to win,” suggesting that skill and decision-making should determine the outcome of matches, not wallet size.

Players will need to link their Steam account with Ubisoft Connect in order to play—a requirement that may prove divisive among PC users who prefer platform-only logins. On the positive side, the Steam version will support Valve’s standard features, including achievements, trading cards, and Easy Anti-Cheat (EAC) protection.

More About Champions Tactics

The original blockchain version of Champions Tactics launched in October 2024 and was part of Ubisoft’s early foray into web3 gaming, complete with its own NFT marketplace and avatar integrations in The Sandbox. With Reforged, Ubisoft is clearly taking a more conventional route—offering a standalone experience that leans into tactical gameplay rather than token economies.

Whether the Steam version will find a foothold in the competitive landscape of free-to-play games remains to be seen, but its emphasis on accessibility and skill-based progression could prove appealing to strategy enthusiasts.

Champions Tactics: Reforged is available to wishlist now on Steam and will officially launch on May 19.

Ubisoft’s tactical multiplayer game Champions Tactics: Reforged is preparing for release on Steam to bring the title to a wider audience as it enters Season 3.

Season 3 introduces new content and updates to existing gameplay systems designed to continue developing the game’s core mechanics, which prioritise planning and team coordination. The title was previously accessible to early players through Ubisoft’s own platform and will now be positioned alongside other competitive strategy titles on Steam.

The Steam version has no confirmed release date but is now available for wishlisting.

What’s new in Season 3?

Champions Tactics Season 3 adds a new chapter to the game’s existing narrative, expanding the world of Grimoria and its central themes. Gameplay changes in this season include refinements to champion abilities, squad-building, and combat pacing. These updates are intended to deepen tactical play whilst maintaining the game’s existing format.

Matches remain structured around teams of three Champions, with an emphasis on turn-based execution, formation positioning, and ability synergy. There are no known changes to the fundamental rules of play, but Ubisoft continues to adjust balance and performance based on player feedback.

A ranked competitive system remains in place, with progression tied to match outcomes. The season also introduces new rewards, although details on their nature and availability remain limited.

What’s next for Champions Tactics?

The game’s upcoming Steam release marks a shift towards broader accessibility. Ubisoft has confirmed that the title will feature online multiplayer support, achievements, in-app purchases, and integration with Ubisoft Connect.

System requirements list a minimum of 8GB of RAM and an NVIDIA GeForce GTX 960 graphics card whilst recommended specifications suggest a GTX 1660 or higher. The game will support 12 languages at launch, including English, French, Italian, Spanish, and Simplified Chinese.

Although earlier versions of the game included blockchain-based assets such as NFT Champion collectibles, the current Steam listing makes no mention of web3 integration. Further updates are expected through official announcements and platform pages in the coming weeks.

Digital art collectors and investors are increasingly concerned about NFT wash trading. Fraudsters manipulate tokens by pushing prices up or misleading buyers who don’t suspect foul play. To counteract these practices, some platforms are keeping watch, determined to maintain the credibility that supports real growth and genuine artistry.

In this article, you’ll learn how NFT wash trading happens, why it’s so disruptive, and which steps you can take to protect yourself.

Understanding NFT Wash Trading

You might see an NFT blow up overnight, only to learn that a single user—or a small group—keeps trading it back and forth among themselves. This is known as NFT wash trading, and it inflates the token’s transaction history, so it looks like more people are interested. These tactics get banned in established financial markets, but the rules around NFTs haven’t been locked in yet.

Another angle involves “platform rewards,” where certain marketplaces offer native tokens based on trading volume. Wash traders milk these systems by orchestrating high-frequency trades between their wallets, earning extra tokens at everyone else’s expense.

Because the legal framework is still taking shape, wash traders can avoid detection more easily. Ultimately, collectors, newcomers, and legitimate artists lose out when a supposedly hot NFT turns out to be a manipulated product.

Common Tactics and Techniques

Dishonest traders use a range of methods to make their NFTs seem more popular than they actually are. Here are a few methods they commonly employ:

• Automated Scripts: Bots place trades on a timer, making it look like there’s steady, organic interest.

• Royalties Exploitation: Creators can buy and sell their own NFT multiple times, collecting a royalty fee with each transaction.

Spotting these ploys early can prevent you from buying an overpriced NFT that lacks genuine demand.

Impact on the NFT Ecosystem

Fraudulent trades throw the market off balance, especially for anyone new who might be dazzled by sudden price surges. Some collectors decide to sit out entirely, worried they’ll get stuck with overpriced tokens.

This distorted environment frustrates genuine creators who need accurate demand signals for a fair shot at recognition. It also opens the door for illegal acts, including money laundering, which draws regulatory attention. Once officials clamp down in response to repeated fraud cases, restrictions may also affect honest buyers and sellers.

Investors may find themselves double-guessing any large spike in an NFT’s value. That skepticism can hinder the industry’s ability to flourish, slowing the rollout of fresh ideas and unique offerings.

Sometimes, people wash trade NFTs to rack up platform token rewards, artificially pumping up trading volumes. That approach tricks others into thinking these NFTs are in high demand when they’re not. It ends up skewing the data and ultimately chipping away trust in the broader NFT landscape.

Combating NFT Wash Trading

Even though some NFT platforms keep an eye out for wash trading, it’s important to see exactly how they tackle the issue. Marketplaces like OpenSea, Blur, and LooksRare have begun applying stricter transaction monitoring to spot suspicious patterns early on. In certain cases, if a series of trades looks shady, platforms will remove them from official volume metrics or even freeze involved accounts.

Furthermore, by excluding questionable activity from their reported volumes, platforms aim to curb manipulative behavior while making their data more reliable for honest users. Many marketplaces also lean on analytics tools such as Chainalysis and Nansen to spot trading anomalies.

Regulatory Landscape and Challenges

Policymakers haven’t wholly pinned down how to govern NFTs, which leaves enough space for underhanded tactics like wash trading. Conventional finance forbids these manipulative strategies, but the safeguards in place there haven’t, so far, transferred to the world of digital collectibles.

Chances are, regulators worldwide will start tightening rules. Some marketplaces already ask for IDs or halt trading when something looks off. If the community wants a market free of fraud, tougher standards like these could become the norm.

In the United States, the SEC has signaled that certain NFT transactions might come under securities laws, putting them on the agency’s radar. Meanwhile, the European Union’s MiCA framework is beginning to address digital asset manipulation, hinting at tighter rules across member states.

Red Flags and Detection Methods

Buyers who want to steer clear of NFT wash trading should keep an eye out for a few telltale signs:

• Repeated Wallet Patterns: When the same wallets trade an NFT among themselves, it’s rarely organic demand.

Protecting Yourself from NFT Fraud

It’s wise to do a bit of digging before clicking that “Buy” button. First, confirm an NFT’s creator and look for signs they’re legitimate, like verified accounts or social media links. Next, skim the transaction history. Does the token bounce between the same few wallets over and over? That pattern may point to wash trading.

Also, don’t let sudden hype alone push you into a purchase—ask yourself why this NFT’s value skyrocketed. Reputable marketplaces often implement features to spot fraudulent behavior and may ban users who repeatedly flip NFTs in suspicious ways.

Conclusion

Wash trading in NFTs compromises trust and stalls real growth. If you learn to recognize sudden price spikes, scrutinize on-chain records, and verify the legitimacy of creators, you’ll have a better chance of avoiding inflated tokens. While new regulations may clamp down on bad actors, everyday diligence from the community is still the best safeguard.