Global investment giant JPMorgan is secretly closing bank accounts related to cryptocurrencies, according to the claims of Hayden Adams, the founder of altcoin project Uniswap (UNI). Brian Quintenz of the CFTC and crypto supporter Cynthia Lummis made statements about the event. cryptocoin.com We provide details as…
JPMorgan closes accounts related to altcoin projects
Big banks are secretly closing accounts of their crypto customers. In a January 23 tweet, Uniswap founder Hayden Adams announced that JPMorgan Chase had closed its bank accounts “without notice or explanation.”
Banks can use this method to sneak cryptocurrencies. Responding to Hayden’s search for clarity from the bank, former CFTC Commissioner Brian Quintenz said:
Possibly shadowing cryptocurrency banking from above by the Fed or USOCC bank supervisors. If the auditor tells a bank that a particular client is too risky and the bank ends that relationship, the bank is contractually prevented from telling that client why.
Cryptocurrency related accounts are blocked
Brian Quintenz cited pro-crypto Senator Cynthia Lummis’s November 20 Wall Street Journal article. In it, Lummis claimed that new presidents at the Federal Reserve are deliberately hindering fintech and crypto innovation. Several responses came to Hayden’s complaint, many of which said he was blocked by banks or that his accounts were closed for crypto-related transactions. JPMorgan actually responded to the tweet as well, asking the Uniswap founder to use the support system to clean up his experience with the bank.
Democratic Congressional Candidate Matt West commented:
Absolutely insane. This is part of why we need a clear regulatory framework for crypto and banks in the US.
The CEO of JPMorgan’s cryptocurrency Onyx said crypto is “permanent” last week, but apparently it may not be for some of its customers. It’s not just US banks that are hurting crypto investors. Last year, it was reported that an Australian investor sued Westpac and ANZ bank for closing their accounts and causing a loss of funds at the time. Banks now have the perfect weapon against crypto, as this obscure action can be used to sneak customers out without the bank needing to justify those actions.
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