The blockchain sector represents a modern and more transparent alternative to the traditional banking infrastructure, which is one of the reasons why established financial institutions have been taking advantage of their dominant position to artificially limit their crypto competition. The latest victim of such practices was Uniswap’s founder Hayden Adams, who got his JPMorgan chase accounts closed with no prior notice or explanation.
Key takeaways:
- Adams revealed that his JPMorgan chase bank account had been closed in a tweet on January 23. He said that the bank offered no explanation for their actions and added that he knows “many individuals and companies who have been similarly targeted simply for working in the crypto industry.”
- Adams was obviously furious with his bank and concluded the tweet by stating, “Thanks for making it a personal.”
- Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz responded to Adams’ tweet and wrote that what happened to Uniswap’s founder is “likely a shadow de-banking of crypto” directed by the Fed and the OCC.
- One of the replies in the Twitter thread came from none other than the Chase support account, that urged Adams to use the internal support system to resolve the “less than ideal experience.”
- The high profile of Adams’ case drew attention from the broader crypto community. Several members chimed in to the discussion and shared their own stories of having their bank account closed without any explanation or prior notice.
- Banks have a lot of leeway when dealing with their customers – if authorities deem a certain customer too risky, for instance, the bank is not required to reveal the reasons for the account closure to the customer.
