JPMorgan Under Fire for Closing Crypto Accounts and Controversial Research Note

JPMorgan has come under scrutiny after shutting down accounts associated with cryptocurrency firms and issuing a cautionary research note regarding the risks for companies holding Bitcoin in their treasury, intensifying tensions within the industry.

Key Takeaways

JPMorgan has closed accounts linked to crypto firms, sparking backlash from industry leaders.
The bank issued a research note warning about potential risks for firms like Strategy, which holds significant Bitcoin reserves.
Prominent advocates have called on clients to withdraw their funds from JPMorgan.
The situation reveals ongoing conflicts between traditional banking and the cryptocurrency sector.

JPMorgan criticized for crypto account closures and research note - 1

JPMorgan's Actions Provoking Concern in the Crypto and Equity Markets

JPMorgan Chase & Co. is facing criticism from key figures in the cryptocurrency sector due to its recent account closures and a concerning research note regarding digital asset companies. This information has emerged through various public remarks and social media interactions.

Jack Mallers, the CEO of the cryptocurrency payments company Strike, revealed that JPMorgan closed his personal accounts in September 2025, citing compliance issues without providing further details. Mallers shared the account-closure letter online, mentioning the end of a long-standing relationship with the bank.

Further complicating matters, JPMorgan’s research team released a note indicating that Strategy, previously known as MicroStrategy, could encounter mandatory sell-offs if the index provider MSCI Inc. excludes “digital asset treasury companies” from its listings by early 2026. As disclosed by the company, Strategy possesses approximately 650,000 Bitcoin.

The bank’s cautionary note has sparked concerns across cryptocurrency and equity markets, given that Strategy's business model heavily relies on its Bitcoin holdings and market sentiments.

Following these developments, cryptocurrency advocates like Grant Cardone and Max Keiser have urged consumers to close their JPMorgan accounts. Many social media users have reported that they have begun this process in light of the recent events.

Industry analysts indicate that this situation represents a significant point of friction between cryptocurrency-oriented businesses and traditional financial institutions. Notably, JPMorgan has yet to publicly address the account closures or respond to calls for a boycott.

If account closures continue to increase, JPMorgan Chase may experience negative impacts on its deposit and transaction activity, although no specific withdrawal data has been revealed so far. Despite the controversy, the bank's shares remained stable.

This incident underscores the ongoing tensions between well-established banking institutions and the evolving cryptocurrency sector regarding account accessibility and the research support granted to digital asset companies.