FaZe Banks is stepping away from FaZe as crypto scam claims continue

Khizar Mundia Published 28/07/2025

In a shocking move, Richard “Banks” Bengtson has announced that he’s intending to step away from not only FaZe Clan, but also the internet as a whole.

FaZe Banks is a prominent streamer and the CEO of the popular content creator and esports organization FaZe Clan. The organization is one of the best-known in the worlds of streaming and gaming, but is also frequently involved in controversy because of its members’ activities. This time, FaZe is in the news because of accusations against its CEO, FaZe Banks. While Banks denies the allegations against him, he has announced that he’s leaving FaZe Clan for the time being in a move that has surprised fans, as the streamer had previously stated that he would work out any such issues.

Why did Banks step down from FaZe Clan?

Banks has been embroiled in an ongoing crypto scam controversy, and the drama has apparently led him to decide to step away from FaZe Clan and and his online presence.

In January 2025, Banks and other FaZe members were involved with the MLG crypto coin. The crew invested in it, causing its value to increase exponentially, but the coin couldn’t hold its value. It plummeted once the hype died down, and many who were encouraged to invest lost money. Banks was accused of scamming fans and investors by pulling the rug from under the coin in a “pump-and-dump” scheme. The streamer vehemently denied the allegations, but they’ve persisted regardless.

Twitter/X

The accusations and drama restarted in July when a screenshot featuring Banks went viral. In the screenshot, Banks was seen accusing Adin Ross of being the reason the coin lost its value. The FaZe CEO claimed in the message that he organically increased the value of the coin from $3 million to $200 million and invested a significant amount of his own money into it, and that the “only bad actor is Adin.”

Adin Ross responded to the screenshot, confirming its authenticity while denying Banks’ accusation.

“There’s a reason the entire house is silent,” Ross said.

Banks then tweeted that he was talking to Adin and that they’ll put on a steam together to clear the any apparent gaps in their understanding of the events.

An hour after the original tweet, Banks tweeted again while announcing that he’s stepping away from FaZe Clan. He continued to claim he hasn’t scammed anyone, and the narrative being set against him is unfair. The steamer ended the tweet by saying he wants to say he’ll be back, but isn’t sure. Banks also removed the FaZe branding from his name, adding to his publicly distancing himself from the FaZe Clan organization.

Khizar Mundia

About Khizar Mundia

Khizar Mundia has been playing video games for as long as he can recall. Things have come a long way since the many days he spent playing the original NES, though. He now covers a variety of competitive games and esports, as well as the world of streaming, ranging from Twitch to Kick. If it’s of interest to gamers, it’s of interest to Khizar.

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