JPMorgan Account Closure for Strike CEO Rekindles Questions Over Crypto Debanking

• JPMorgan’s closure of Mallers’ accounts revives concerns about crypto-related debanking.
• The move conflicts with Trump’s order banning the denial of banking services to crypto actors.
• Past reports from Trump and his family show broader worries about politically linked account closures.

JPMorgan Chase’s decision to terminate the personal bank accounts of Strike CEO Jack Mallers has reignited concerns about whether large U.S. banks continue to restrict access to crypto-linked individuals despite an executive order banning the practice.

The action, taken in September and disclosed publicly by Mallers, has led industry observers to question how financial institutions are interpreting federal directives and whether longstanding anxieties about debanking in the digital-asset sector have actually eased.

Bank Flags “Concerning Activity” but Provides No Details

According to the letter Mallers received, JPMorgan cited unspecified “concerning activity” identified during routine monitoring as the basis for the decision. The notice referenced obligations under the Bank Secrecy Act and informed him that the bank might not be able to open future accounts on his behalf. No further explanation was provided, and Mallers has publicly stated that the bank did not expand on how it reached its determination.

The account closure appears at odds with President Donald Trump’s August executive order, which prohibits financial institutions from debanking crypto-related initiatives. The administration has presented the directive as a measure intended to halt practices critics previously labeled as discriminatory toward digital-asset businesses.

Actions Raise Questions About Whether Choke Point-Style Pressures Persist

Mallers publicly commented on the situation by highlighting the contrast between the executive order and the bank’s decision, posting, “J.P. Morgan Chase threw me out of the bank,” and questioning why such actions remain possible.

His remarks echoed longstanding concerns tied to “Operation Choke Point 2.0,” a label used by some industry participants to describe what they argue was politically driven pressure on banks during the prior administration.

Jason Allegrante, Chief Legal and Compliance Officer at Fireblocks, noted that restricting access to banking services does not eliminate crypto activity and risks shifting it outside the United States. He also warned that leaving such determinations to regulatory discretion raises questions about who is permitted to participate in the financial system.

Trump and Family Members Previously Reported Debanking

The incident follows earlier comments from Donald Trump, who pointed out in June that major banks had previously denied him services due to political factors. Eric Trump also disclosed in May that several large institutions closed accounts belonging to him and other family members near the end of Trump’s first term, a development he said contributed to their interest in digital assets.