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JPMorgan Chase closes ShapeShift's business account and notifies that personal accounts will also be closed.
Deep Tide TechFlow news, on November 26, according to The Block, JPMorgan suddenly closed the business bank account of Houston Morgan, the head of marketing and protocol relations at the decentralized trading platform ShapeShift, and notified him that his personal account would also be closed this week.
Morgan stated that he received a text message from JPMorgan last Friday without any warning, stating that more information was needed and that his account was at risk of being closed. He then found himself unable to log into any accounts. A representative from JPMorgan told him that the bank was “terminating the business relationship” to “protect JPMorgan's financial institution,” but did not provide specific reasons or an opportunity to appeal.
Previously, Strike CEO Jack Mallers faced account closure by JPMorgan, raising concerns about “Decentralization” in the US cryptocurrency industry.