Most Central Banks do not like cryptocurrency because it has many pitfalls associated with fiat currency. These entities operate in the shadows and do everything to promote the smooth running of Blockchain technology.
Uniswap founder Hayden Adams, according to a January 23 tweet claiming that JPMorgan Chase closed his bank account without any notice or explanation. Hayden Adams also revealed that a number of individuals and companies have also been similarly targeted. He commented causally.
That’s exactly what just happened. Adams revealed that “thanks for making it personal.”
Shadow De-banking of Cryptocurrencies
This is the latest modus operandi of Central Banks to crack their whip without any publicity. Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz was asked for clarification from the bank by Hayden’s and here is the answer – “Probably a shadowy crypto withdrawal by @federalreserve or @USOCC [Office of the Comptroller of the Currency] bank appraisal, with direction from superiors. ”
This week @JP Morgan @Hunting closed my bank account without notice or explanation
🧑💻 I know many individuals and companies that have been similarly targeted simply working in the crypto industry
🚀 Thanks for making it personal
– hayden.eth (@haydenzadams) January 23, 2022
Chase customer support responded to the tweet, asking the Uniswap founder to use their instant messaging system and addressing the “less than ideal experience” he had with the bank.
Congressional Democratic candidate Matt West also commented on the tweet, writing, “Absolutely insane. This is part of why we need a clear regulatory framework in the US for cryptocurrencies and banking. ”
Not only are US banks offering massive discounts to crypto investors, recently an Australian investor sued Westpac and ANZ bank for closing his account resulting in the loss of funds.