Strike CEO Jack Mallers says JPMorgan Chase abruptly closed his personal bank accounts last month, sparking renewed debate over whether major financial institutions are quietly distancing themselves from crypto leaders.
Mallers shared the news on X on Sunday, saying the bank removed him without offering a clear reason. He noted that his family had been long-standing clients. When he pressed for an explanation, the only response he said he received was, “We aren’t allowed to tell you.”
Last month, J.P. Morgan Chase threw me out of the bank.
— Jack Mallers (@jackmallers) November 23, 2025
It was bizarre. My dad has been a private client there for 30+ years.
Every time I asked them why, they said the same thing:
“We aren’t allowed to tell you”. https://t.co/NnT8HJjYxC
He also posted what appears to be a letter from JPMorgan. The message stated that the bank had flagged “concerning activity” tied to his account and emphasized its commitment to regulatory compliance. The letter added that JPMorgan may not be able to open accounts for him in the future.
The post triggered a wave of reactions online. Many users resurfaced claims about “Operation Chokepoint 2.0,” an alleged effort by U.S. regulators during the previous administration to push banks to limit services for crypto companies and their executives. The former administration denied the existence of any such operation, and President Trump later signed an executive order in August that would penalize firms found to be debanking crypto businesses.
In a response to Mallers, Tether CEO Paolo Ardoino wrote that the situation may work out “for the best.” He followed up with another post defending bitcoin’s resilience and arguing that organizations that attempt to weaken it will eventually fade.
The incident adds another layer to the broader debate over how traditional banks should handle clients tied to digital assets. With crypto markets evolving and regulations continuing to shift, the tension between innovation and oversight remains a point of friction.
As the story unfolds, many in the industry will be watching to see whether this case is an isolated event or a sign of deeper challenges ahead for crypto executives seeking stable banking relationships.
