JPMorgan Chase has closed the accounts of Strike CEO Jack Mallers without providing specific reasons, according to the entrepreneur.
Last month, J.P. Morgan Chase threw me out of the bank.
It was bizarre. My dad has been a private client there for 30+ years.
Every time I asked them why, they said the same thing:
“We aren’t allowed to tell you”. https://t.co/NnT8HJjYxC
— Jack Mallers (@jackmallers) November 23, 2025
Mallers stated that the incident occurred in October. He emphasized that the decision seemed strange, as his father had been a private client of the financial institution for over 30 years.
When asked directly about the reasons for the account closure, JPMorgan staff replied that they were “not allowed” to disclose this information. In an official letter, the bank cited “suspicious activity” and the need to comply with regulatory requirements.
The organization also warned of the impossibility of opening new accounts in the future. Mallers ironically noted that he framed the letter.
Yes. A proud moment.
So proud I got it framed. https://t.co/uo6v2Xfr8p pic.twitter.com/Myfo59Wn3B
— Jack Mallers (@jackmallers) November 23, 2025
Chokepoint 2.0?
Tether CEO Paolo Ardoino supported Mallers in the comments, calling the event “for the best.”
I think it’s for the best
— Paolo Ardoino 🤖 (@paoloardoino) November 23, 2025
Users linked the situation to “Operation Chokepoint 2.0,” a supposed covert pressure by U.S. authorities on banks to refuse services to representatives of the crypto industry.
Chokepoint continues.
And they say cryptocurrency is full of crooks. Money laundering etc. what makes me laugh is where do they suppose money laundering happened (and continues to happen) pre cryptocurrency — through their banks— JJ (@puffinmusings) November 24, 2025
In August, Donald Trump signed an order providing measures against financial discrimination of digital businesses.
“Bitcoin will resist the test of time. Organizations that try to undermine it will fail and become dust. They can’t stop people’s choice to be free,” wrote Ardoino.
Bitcoin will resist to the test of time.
Those organizations that try to undermine it, will fail and become dust.
Simply because they can’t stop people choice to be free.— Paolo Ardoino 🤖 (@paoloardoino) November 24, 2025
Back in May, Mallers-led Strike offered users a “HODL-lending” option, allowing them to borrow funds against the first cryptocurrency.