JPMorgan’s Debanking of Strike CEO Ignites Crypto Community Outrage

A public clash between Wall Street powerhouse JPMorgan and Strike CEO Jack Mallers has escalated into a major crypto controversy. On Nov. 23, Mallers revealed that JPMorgan abruptly closed all his personal accounts without explanation. “J.P. Morgan Chase threw me out of the bank,” he wrote on X, saying the bank repeatedly told him they “weren’t allowed” to disclose the reason.

The post spread rapidly, drawing reactions from high-profile figures across the digital-asset industry. Tether CEO Paolo Ardoino downplayed the incident, while billionaire investor Grant Cardone urged a boycott of JPMorgan and claimed he moved all his funds out of the bank. Former Trump digital-assets adviser Bo Hines criticized the bank by referencing the now-ended Operation Chokepoint, echoing concerns among crypto advocates that debanking practices persist despite regulatory shifts under a crypto-friendlier administration. Senator Cynthia Lummis also warned that such actions “send the digital asset industry overseas.”

Although major banks frequently freeze or terminate accounts, Mallers’ case struck a nerve given Strike’s prominence and previous tensions between regulators and crypto firms. A debanking letter Mallers received—kept private for two months—cited “concerning activity” detected through routine monitoring under the Bank Secrecy Act (BSA). This fueled speculation that JPMorgan flagged Strike-related transactions involving AML or KYC risks.

JPMorgan declined to comment, though a source emphasized the bank continues to serve numerous crypto companies. Strike’s team also chose not to elaborate. Confidentiality rules prevent banks from discussing potential Suspicious Activity Reports, limiting transparency and leaving customers without answers.

Some industry observers question the timing, noting JPMorgan recently launched JPMCoin, a fast-settlement payment token that competes conceptually with Strike’s lightning-based technology. Critics argue debanking Mallers so soon after JPMCoin’s rollout could be perceived as eliminating competitive friction. Others, like IronWeave founder Timothy O’Regan, believe large U.S. banks may be using BSA secrecy as a shield to quietly remove crypto executives.

With both sides silent, the incident underscores growing tensions between traditional finance and emerging crypto payment networks—and raises fresh questions about fairness, competition, and transparency in U.S. banking.