JPMorgan intensifies crackdown on crypto companies by shutting key accounts
JPMorgan is taking assertive steps to push cryptocurrency firms out of the financial market: the bank closed both corporate and personal accounts of Houston Morgan, head of crypto platform ShapeShift. A similar fate befell Jack Mallers, founder of payment system Strike, who even framed the account closure notice as a symbolic monument to the bank’s actions.
Source The Block
Additionally, JPMorgan has taken a short position on shares of Strategy, which some analysts interpret as preparation for a coordinated attack on the company. The bank shows a clear contradiction by refusing crypto firms' services while simultaneously calling Bitcoin a macroeconomic asset and forecasting its price to rise to $240,000 in its reports.
This strategic move allows JPMorgan to highlight competitors’ vulnerabilities and secure a stronger market position, indicating possible further aggressive measures against the crypto industry.
