JPMorgan CEO Defends Bank as Crypto Firms Face Widespread Account Closures
JPMorgan’s CEO publicly defended the bank on Monday as a growing number of cryptocurrency companies reported sudden bank account closures. Executives framed the moves as standard risk-management and compliance measures, arguing that banks must balance client services with regulatory and operational safeguards. The development comes amid heightened scrutiny of crypto-industry practices and tighter due diligence across major financial institutions.
The closures are creating practical headaches for exchanges, custodians and payments firms that rely on correspondent banking to move fiat. Industry participants warn disruption to on- and off-ramps could raise costs, slow settlements and push some activity toward alternative rails or offshore providers. Observers say the episode underscores the need for clearer regulatory guidance and banking solutions if crypto firms are to maintain reliable access to mainstream financial services.