JPMorgan Chase & Co. finds itself at the center of a crypto storm, with voices from the cryptocurrency world rallying for a boycott and accusing the bank of targeting Bitcoin -focused clients.
The tension is anything but calm beneath the surface.
Account closure, but zero explanation
It all kicked off when Jack Mallers, CEO of Strike, revealed JPMorgan suddenly shut down his personal accounts this past September, citing mysterious “compliance concerns.”
Mallers didn’t just grumble quietly but boldly posted his framed account closure letter on social media, highlighting a long history with the bank that ended with zero explanation.
This move felt less like banking and more like a cold shoulder from one of Wall Street’s giants.
Digital asset treasury companies are in trouble?
At the same time, JPMorgan’s research team threw fuel on the fire.
They warned that Strategy, a company holding roughly 650,000 Bitcoins at an average cost north of $66,000 per coin, could face forced outflows up to $8.8 billion if MSCI ditches the so-called “digital asset treasury companies” from its indexes next year.
That’s a massive risk to Strategy and signals how deeply intertwined crypto’s fate and traditional finance still are.
Crypto heavyweights like Grant Cardone and Max Keiser quickly seized the moment, urging followers to close JPMorgan accounts in protest.
Anecdotes popped up about users who’d already jumped ship, sending some nervous ripples through the bank’s reputation and, potentially, its bottom line.
Imagine if this grows beyond cries on social media, actual client withdrawals could dent deposit flows and put pressure on JPMorgan’s stock.
I cancelled my JPM account and moved entire account to Wells. Also, don’t use chase credit card if you’re worried about fraud. More to come. pic.twitter.com/wi645YqdII
— Grant Cardone (@GrantCardone) November 23, 2025
Backlash from the very community the bank aims to serve
This feud is a textbook clash in the drama between cryptocurrency natives and Old Guard financial institutions.
When a financial behemoth starts sending account closures or publishes cautionary research specifically singling out crypto firms, the crypto community’s response can escalate faster than you can say “blockchain revolution.”
So, JPMorgan is juggling a delicate dance, trying to dip its toes into crypto while facing backlash from the very community it aims to serve.
It’s a story of power, suspicion, and the new frontier meeting the Wall Street boardroom, guaranteed to keep the financial world talking for months to come.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
