JPMorgan ChaseThe closure of Strike CEO Jack Mallers’ personal accounts without any explanation reignited the “debanking” discussions regarding the cryptocurrency industry in the USA. Mallers made from account X in sharing He shared the letter sent from the bank citing “suspicious activity” and caused the issue to be brought to the public. On the one hand, the incident raised questions about whether the alleged crackdown on cryptocurrency-friendly entrepreneurs in the financial system continues.
Silent Account Closure from JPMorgan
Jack MallersHe stated that he learned that his accounts were closed without any prior warning from JPMorgan Chase last month. The bank responded only, “We can’t tell you why.” Mallers’ emphasis that his father has been a private customer of the bank for more than 30 years increased the remarkable dimension of the incident.
Mallers explained that the official letter he received included the phrase “worrying activities detected in his account” and that he was informed that no new accounts would be opened in the future. JPMorgan cited its regulatory obligations to protect the integrity of the financial system in the letter.
Description, especially cryptocurrency industryThe views that CEOs operating in Turkey have difficulty accessing the traditional banking system have been brought to the agenda again. Mallers’ posts received thousands of interactions on social media, with many users suggesting the incident could be a continuation of a government-backed repression mechanism.
Has “Operation Chokepoint 2.0” Begun Again?
Following the account closure decision, the discussions brought to the fore the “Operation Chokepoint 2.0” allegations, which have been talked about in cryptocurrency circles for a long time. For those who do not know, this concept describes the allegations that some banks in the USA avoid providing services to people and businesses related to cryptocurrency due to government pressure. The practice, which was claimed to have continued during the Biden administration, deepened the discussions on financial freedom.
However, in the executive order President Donald Trump signed last August, cryptocurrencyIt had signed a regulation aimed at penalizing service denials against businesses dealing with assets. Trump’s Digital Asset Markets Working Groupannounced in the summer that Operation Chokepoint 2.0 was completely terminated. Despite this, the Mallers incident strengthened the view that invisible barriers have still not been removed in the sector.
Tether CEO Paolo Ardoino also supported Mallers and said, “This is the best thing for you. Bitcoin will resist the test of time, those who try to suppress it will turn to dust.” Ardoino’s comment has become a symbol of the growing backlash against traditional financial institutions in the cryptocurrency world.
