TechFlow, November 26 — According to The Block, JPMorgan suddenly shut down the business bank account of Houston Morgan, Head of Marketing and Protocol Relations at the decentralized exchange platform ShapeShift, and notified him that his personal account would also be closed this week.
Morgan said he received a text message from JPMorgan last Friday without prior warning, stating that additional information was required and that his account faced closure. He was then unable to log into any of his accounts. A JPMorgan representative informed him that the bank was "terminating the business relationship" in order to "protect JPMorgan financial institutions," but provided no specific reason or opportunity to appeal.
Previously, Jack Mallers, CEO of Bitcoin Lightning Network payments firm Strike, also had his account closed by JPMorgan, sparking concerns within the U.S. cryptocurrency industry about "debanking."
