JPMorgan Chase announced on November 26 2025 that it had terminated the personal banking relationship of Jack Mallers, the chief executive of the cryptocurrency payment platform Strike. The closure actually took place in September 2025, but the bank’s public disclosure came on the 26th, making it a new event for investors.
Mallers said the bank sent a letter in September that abruptly closed his accounts, a move that surprised him because his father had been a private client at JPMorgan for more than three decades. The bank cited “concerning activity” as the reason but declined to provide details, and no official statement from JPMorgan has been released.
The incident adds to a growing wave of crypto debanking, with other banks also cutting ties to crypto‑related clients. JPMorgan’s own crypto initiatives—such as a partnership with Coinbase for direct bank‑to‑wallet transfers and the launch of Bitcoin‑based structured notes—highlight a contradictory stance that has drawn criticism from the crypto community.
The announcement sparked calls for a boycott of JPMorgan’s crypto services. Some users reported closing their own accounts in protest, while Senator Cynthia Lummis condemned the action as evidence that Operation Chokepoint 2.0 is still active. Tether CEO Paolo Ardoino praised Bitcoin’s resilience, suggesting that the bank’s move would not deter the broader digital‑asset ecosystem.
The closure raises questions about JPMorgan’s compliance framework and its willingness to serve emerging digital‑asset businesses. It could erode trust among crypto stakeholders and pressure the bank to clarify its policies, potentially driving crypto firms to seek alternative banking partners.
The incident underscores the tension between traditional financial institutions and the rapidly evolving crypto ecosystem, and may influence JPMorgan’s future strategy toward digital assets.
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