JPMorgan closed personal accounts of crypto leaders while the institution expanded its Bitcoin-related services. The bank thus appears in a dual scene, combining “debanking” measures against public figures with an institutional offering to allow clients to purchase Bitcoin.
Jack Mallers, CEO of Strike and co-founder of Twenty One Capital, reported the sudden closure of his bank accounts with JPMorgan after three decades of family relationship with the institution, and received a notice citing “concerning” activity without further detail, according to his account. Another notable case was real estate promoter and crypto commentator Grant Cardone, who also left JPMorgan and moved his assets to another institution, issuing public warnings about using the bank’s products.
The phenomenon—labeled in the community as “debanking”—fueled comparisons with historical operations of financial exclusion and generated accusations of selective pressure against pro-Bitcoin actors. Previous cases and reputational controversies involving the bank, such as links analyzed by observers in other contexts, contribute to the perception of differential treatment toward the crypto sector.
JPMorgan’s strategic duality and operational impact
Despite measures against individual accounts, in May 2025 JPMorgan announced it would allow its clients to buy Bitcoin, a decision that marked a significant operational change and reflected adaptation to institutional demand. The institution generally avoids direct custody, delegating holdings to trusted third parties, and explores products such as Bitcoin-backed loans and developments in stablecoins and blockchain for institutional clients.
The combination of conservative management in the front office and openness to crypto products suggests a strategy of risk management simultaneous with capturing market opportunities: isolating profiles considered high-risk while monetizing widespread adoption. For product, compliance, and investor teams, the situation implies concrete operational risks: loss of access to banking services for founders or influencers, the need for external custody solutions, and a potential increase in KYC/AML requirements on counterparties.
Strategically, the maneuver keeps the bank at the center of the digital transition without giving up controls it considers protective of the balance sheet and reputation.
The case synthesizes a calculated policy: simultaneous containment and exploitation of the crypto wave. The tension between risk control and revenue-seeking marks JPMorgan’s institutional positioning in the digital era.
