Concerns that crypto companies are being purposely cut off from the global banking system have become a political cudgel at an opportune moment for the industry.

Early last year, Ryne Saxe started fielding demands from banks that worked with his San Francisco-based start-up, Eco. They laid out a litany of new compliance and reporting requirements that Eco had to follow.

The problem? Eco was a cryptocurrency company, part of an industry facing heavy scrutiny from regulators. The banks said they were under pressure from government agencies to follow new guidance about crypto clients. Then Bill.com, Eco’s payroll provider, canceled the company’s account, citing a new policy, Mr. Saxe said.

After eight months of pressure, Mr. Saxe shut down Eco’s app and changed his business plan so that it did not rely on partnerships with banks. Eventually his Bill.com account was restored.

“It was like hell,” he said. “We were getting progressively debanked.”

For years, crypto

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