JPMorgan criticized for crypto account closures and research note

JPMorgan faces backlash after closing accounts linked to crypto firms and warning of strategy risks for bitcoin treasury companies, fueling industry tension.

Summary

• JPMorgan closed accounts of Strike CEO Jack Mallers, citing compliance, sparking outcry among crypto industry leaders.
• A research note warned MicroStrategy may see forced outflows if MSCI delists “digital asset treasury companies.”
• Crypto advocates urged JPMorgan customers to close accounts, underscoring friction between the banking sector and crypto businesses.

JPMorgan Chase & Co. has drawn criticism from cryptocurrency industry figures following account closures and a research note concerning digital asset companies, according to public statements and social media posts.

Jack Mallers, chief executive of cryptocurrency payments firm Strike, disclosed that JPMorgan Chase closed his personal accounts in September 2025, citing compliance concerns without providing detailed explanation. Mallers shared an account-closure letter on social media, stating the bank ended a longstanding relationship.

The bank’s research division separately issued a note warning that Strategy, formerly known as MicroStrategy, could face forced outflows if index provider MSCI Inc. excludes “digital asset treasury companies” from its listings by early 2026. Strategy holds approximately 650,000 Bitcoin, according to company disclosures.

JPMorgan triggers concern in cryptocurrency and equity markets

The research note triggered concern in cryptocurrency and equity markets, as Strategy’s business model relies heavily on Bitcoin holdings and market perception.

Cryptocurrency advocates including Grant Cardone and Max Keiser subsequently called for customers to close JPMorgan accounts. Multiple social media users claimed they initiated account closures in response to the developments.

Industry observers noted the incident represents a point of tension between cryptocurrency-focused businesses and traditional financial institutions. The bank has not publicly commented on the account closures or responded to boycott calls.

JPMorgan Chase could face deposit and transaction flow impacts if account closures accelerate, though no withdrawal data has been publicly disclosed. The bank’s shares traded at regular levels following the controversy.

The episode highlights ongoing friction between established banking institutions and the cryptocurrency sector over account access and research coverage of digital asset companies.