JPMorgan Account Closure Incident Shakes the Crypto Sector

Recent developments in the crypto market have drawn the attention of investors. Jack Mallers announced that his accounts were closed by JPMorgan Chase, paving the way for important discussions. This situation has rekindled concerns about 'debanking' within the crypto sector.

Last month, Jack Mallers shared on the social media platform X that he received no explanation regarding why his accounts were closed by JPMorgan. Mallers emphasized the seriousness of the situation, stating that the short response he received was simply "We are not allowed to tell you this." He also shared a photo of a letter purportedly from the bank, which noted that "worrying activity" had been detected in the accounts and that the possibility of opening new accounts was low.

This development has reignited claims of Operation Chokepoint 2.0 within the crypto community. In the past, there were rumors that banks in the U.S. were being pressured not to work with crypto companies and their executives. Users are concerned that these pressures continue despite changes in the White House administration. This situation raises serious questions about the future of banking services for crypto entrepreneurs.

Tether CEO Paolo Ardoino also did not remain indifferent to Mallers' situation. Ardoino stated that what is happening might be "for the best," emphasizing that Bitcoin will stand the test of time and that institutions attempting to suppress cryptocurrencies will not succeed. Ardoino's statements reinforce the belief that free choices in the crypto world cannot be hindered.

This incident occurred despite an executive order signed by former U.S. President Donald Trump, which imposed sanctions on firms arbitrarily excluding crypto companies from the banking system. Trump's digital asset task force had announced the end of Operation Chokepoint 2.0 during the summer. However, the recent development involving Jack Mallers brings new concerns regarding the continued unseen pressures exerted by banks in the crypto sector.