JPMorgan Account Closure Situation Shook the Crypto Sector

Recent developments in the crypto market are attracting the attention of investors. Jack Mallers announced that his accounts were closed by JPMorgan Chase, sparking important discussions. This situation has brought 'debanking' concerns back to the forefront in the crypto sector.

Last month, Jack Mallers shared on the social media platform X that he did not receive an explanation for why his accounts were closed by JPMorgan. Mallers emphasized the seriousness of the situation, stating that the brief response he received was simply "We are not allowed to tell you that." He also shared a photo of a letter purportedly from the bank, which indicated that "concerning activity" had been detected in the accounts and that the possibility of opening new accounts was weak.

This development has rekindled claims about 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 despite the change in the White House administration, these pressures continue. This 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 trying to suppress cryptocurrencies will not succeed. Ardoino's statements reinforce the belief that freedom of choice in the crypto world cannot be suppressed.

This event occurred despite an executive order signed by former U.S. President Donald Trump that imposed sanctions on firms that arbitrarily excluded crypto companies from the banking system. Trump's digital asset working group announced that Operation Chokepoint 2.0 had ended in the summer. However, the recent development experienced by Jack Mallers brings new concerns about the ongoing invisible pressures that banks exert in the crypto sector.