JPMorgan Freezes Accounts Linked to Two Venezuelan Stablecoin Startups
JPMorgan has frozen accounts connected to two venture-backed stablecoin startups operating in Venezuela, citing ongoing and unresolved compliance concerns in the region. By cutting off those traditional banking rails, the bank has immediately constrained fiat flow and custodial services that the startups depended on for payouts, liquidity management and day‑to‑day operations.
The action underscores the elevated regulatory and AML risks banks face when dealing with crypto firms in high‑risk or sanctioned jurisdictions. For Venezuelan users who rely on stablecoins for remittances and local payments, frozen accounts could mean delays, reduced access to on‑ramps, or a shift toward crypto‑native rails. Investors and partners will be watching whether the startups secure new banking relationships or pivot their infrastructure, and this episode may make banks and service providers more cautious about supporting similar ventures.