Overview
- Jack Mallers disclosed that JPMorgan closed his personal accounts in September, with a bank letter citing unspecified “concerning activity” and warning new accounts may be refused.
- Public figures including Grant Cardone and Max Keiser urged customers to leave the bank, and some users reported moving funds, while JPMorgan has offered only standard compliance language.
- A JPMorgan research note warned that MSCI is considering excluding companies with more than 50% of assets in crypto in January 2026, putting Strategy (formerly MicroStrategy) at risk of forced passive outflows.
- Political scrutiny intensified as Senator Cynthia Lummis called the incident evidence that “Operation Chokepoint 2.0” continues, and newly released Senate material on JPMorgan’s past Epstein-related reporting fueled criticism.
- Mallers alleged that JPMorgan also blocked some customer deposits into Strike by flagging the firm as involving “known fraudulent activities,” a claim the bank has not publicly addressed.