At a time when the cryptocurrency market is in a negative state, allegations that JPMorgan is taking a harsh stance against Bitcoin have come to the fore.
While some users on social media have labeled this as “FUD,” the bank’s recent decisions have triggered a new “debanking” debate in the crypto community.
Allegedly, a large number of users are flocking to the bank to close their accounts after JPMorgan’s attitude towards the Bitcoin ecosystem, the attacks on Strategy, and the recent data leak.
Strike CEO Jack Mallers announced last month that JPMorgan Chase had closed his personal bank accounts without providing any specific explanation. In a post on X, Mallers wrote, “Last month, JPMorgan Chase kicked me out of the bank. Even though my father was a private customer for over 30 years.”
The only response given to Mallers was reportedly, “We’re not allowed to tell you.” The CEO explained that the bank letter, which he shared and said he had framed, stated that “concerning activity” had been detected in his account. The letter also stated that the bank may not open new accounts in the future due to the security of the financial system and regulatory compliance.
Following the post, allegations surfaced on social media that crypto-friendly CEOs and companies are being systematically excluded from banking services in the US. Some users argued that the so-called “Operation Chokepoint 2.0” is still ongoing despite the change in management.
“Operation Chokepoint 2.0” was the name given to allegations that Biden-era regulators were discouraging banks from working with crypto businesses. However, in August, President Trump signed an executive order imposing sanctions on institutions that excluded crypto companies from the banking system. In July, Trump’s Digital Asset Markets Task Force declared the operation “completely terminated.”
Tether CEO Paolo Ardoino responded to Mallers by saying, “This is for the best in the long run.” He also added in a separate post, “Bitcoin will endure over time. Institutions that try to destroy it will crumble to dust.”
Wyoming Senator Cynthia Lummis harshly criticized JPMorgan, saying, “Kicking out Bitcoin users from banks undermines trust in the traditional financial system. It’s time to end Operation Chokepoint 2.0 for good. America should be the capital of digital assets.”
The bank hasn’t issued a comprehensive statement on the matter. JPMorgan has previously argued in similar cases that anti-money laundering and compliance requirements could impact customer account reviews. However, the cryptocurrency community claims this is a covert “political stance.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/now-jpmorgan-fud-has-begun-in-bitcoin-btc-heres-what-you-need-to-know-about-it/
