The sudden shutdown of Jack Mallers’ accounts has reignited the debate around debanking in the Bitcoin and digital-asset industry.
Strike CEO Jack Mallers revealed on X that JPMorgan Chase closed his bank accounts last month without providing any adequate explanation. The incident has raised concerns within the community about the growing phenomenon of debanking – the practice of traditional banks denying financial services to individuals connected to Bitcoin and digital assets.
“Last month, J.P. Morgan Chase threw me out of the bank,” Mallers wrote on X on Sunday. “It was bizarre. My dad has been a private client there for 30+ years.”
When Mallers tried to understand the reason behind the shutdown, the bank’s response was: “We aren’t allowed to tell you.” The CEO also shared an image of JPMorgan Chase’s official letter, commenting ironically: “So proud I got it framed.”
In the notice, the bank referred to alleged “concerning activity” detected in Mallers’ account. The letter highlights the institution’s commitment to regulatory compliance and the security of the financial system, adding that this may prevent them from opening new accounts in the future.
Mallers’ post sparked a wave of comments suggesting that “Operation Chokepoint 2.0” remains active despite the change in administration at the White House.
Operation Chokepoint 2.0 refers to an alleged coordinated effort by U.S. federal banking authorities during the Biden administration to pressure traditional financial institutions into denying services to companies, executives, and individuals associated with the digital-asset ecosystem.
Last August, President Trump signed an executive order to penalize companies that engage in debanking against businesses linked to Bitcoin and digital assets. “The Trump Administration has already ended Operation Choke Point 2.0 once and for all by working to end regulatory efforts that deny banking services to the digital assets industry,” Trump’s Working Group on Digital Asset Markets said back in July.
