Key Takeaways
- JPMorgan shut Mallers’ accounts without a clear explanation.
- Bitcoin supporters view it as part of broader industry pressure.
- The move sparks doubts about the bank’s compliance with Trump’s order.
Criticism of JPMorgan Chase is growing after the bank closed the personal accounts of Jack Mallers, CEO of the Bitcoin payments company Strike.
The closure happened without warning, and many people in the Bitcoin industry believe it is another example of U.S. banks quietly refusing to work with Bitcoin companies and their leaders.
Mallers said the bank closed his accounts in September and did not give a real explanation. He said that every time he asked for details, JPMorgan only responded by saying, “We aren’t allowed to tell you.”
A letter he received from the bank mentioned “concerning activity” and referred to the Bank Secrecy Act, but offered no specifics. The letter also said that JPMorgan “may not be able to open new accounts for you in the future.”
Mallers shared a photo of the letter, which he had framed, saying, “A proud moment,” showing he sees the letter as a trophy in his fight against central banking.
To make the situation even more surprising, Mallers said his father’s account was also closed at the same time. His father had been a private JPMorgan client for over 30 years.
This has led many people to believe the decision was not about a specific issue, but about the Mallers’ family’s involvement in Bitcoin.
Mallers had previously criticized Jamie Dimon, CEO of JPMorgan Chase, harshly, calling him “Jeffrey Epstein’s banker.”
Many people in the Bitcoin industry say this looks like “Operation Chokepoint 2.0.”
The sentiment was also echoed by Senator Cynthia Lummis in one of her posts on X, in which she said, “Operation Chokepoint 2.0 regrettably lives on.”
This is a phrase used to describe what Bitcoin supporters see as government pressure on banks to avoid doing business with digital asset companies.
The name comes from “Operation Choke Point,” an Obama-era government program that pushed banks to stay away from certain “high-risk” industries.
Between 2020 and 2022, many digital asset companies reported sudden account closures, frozen funds, and unusual compliance reviews. For them, the Mallers case is proof that the problem still exists today.
The bank’s decision is especially important because President Donald Trump signed an executive order in August banning banks from closing accounts just because someone works in the digital assets industry.
The order also said banks should not deny financial services because of political reasons or business category.
Trump has said he has experienced this kind of treatment himself. He said, “I can tell you, because I’ve been a victim myself because of my politics, that big banks were very nasty to us”.
Trump’s son, Eric Trump, also said that several major banks shut down accounts belonging to the Trump family near the end of Trump’s first term, which helped push the family toward Bitcoin.
With Mallers’ experience now widely reported, many people are asking whether banks are actually following Trump’s order.
Bo Hines, a former member of Trump’s digital asset advisory council, reacted to the news by posting online: “Hey Chase… you guys know Operation Choke Point is over, right? Just checking.”
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