Twenty One Capital CEO Jack Mallers has revealed that his personal account at JPMorgan Chase’s retail arm, Chase Bank, was abruptly closed earlier this year, adding fresh fuel to long-running concerns about large US banks quietly distancing themselves from the crypto industry.
A Quiet De-banking of Crypto Executives at JPMorgan?
In a post on X, Mallers shared a framed photograph of the letter he received from Chase. The letter, dated September 2, 2025, informed him that his accounts would be terminated following a compliance review. The bank cited obligations under the Bank Secrecy Act (BSA), “other regulations,” and the identification of “concerning activity” during ongoing monitoring.
Yes. A proud moment.
So proud I got it framed. https://t.co/uo6v2Xfr8p pic.twitter.com/Myfo59Wn3B
— Jack Mallers (@jackmallers) November 23, 2025
The message had no specifics.
“Yes. A proud moment. So proud I got it framed,” Mallers wrote, attaching the image of the notice. The letter, addressed to “JACK M MALLERS,” opens by saying the decision followed “careful consideration” and acknowledges that the closure is “disruptive.”
The document goes on to tell Mallers that Chase’s review identified concerning activity linked either to his account or to one he was associated with. It references federal compliance obligations which requires the bank to periodically evaluate customer relationships and notes that, because of its regulatory commitments, Chase “may not be able to open new accounts for you in the future.”
The letter includes a detailed checklist of next steps: notify others listed on the accounts, destroy all cards and checks, cancel automated deposits, and inform merchants with automatic billing to make new arrangements. Mortgage, auto loans, and lease accounts are unaffected, though Chase said it would end the draw period on his Home Equity Line of Credit if applicable.
Mallers said he repeatedly requested clarification but received none.
“Last month, J.P. Morgan Chase threw me out of the bank. It was bizarre. My dad has been a private client there for 30+ years. Every time I asked them why, they said the same thing: ‘We aren’t allowed to tell you.’”
His experience resonates earlier claims from other high-profile crypto figures. In 2022, Uniswap founder Hayden Adams has previously said JPMorgan shut down his accounts without warning or explanation. At the time, Adams said he was “not the only one,” noting that numerous individuals and firms tied to the crypto sector had reported similar treatment.
That episode unfolded months after reports that the US Securities and Exchange Commission (SEC) had opened an investigation into Uniswap Labs, the primary developer behind the world’s largest decentralized exchange. When the Wall Street Journal revealed the inquiry in November, a Uniswap Labs spokesperson said the company was committed to cooperating with regulators and complying with applicable laws.
Former US Commodity Futures Trading Commission (CFTC) Chair Brian Quintenz reacted to Adams’ case by suggesting the moves could amount to a “shadow de-banking of crypto.” According to Quintenz, bank examiners, including officials from the Federal Reserve or the Office of the Comptroller of the Currency (OCC), can instruct banks to close accounts deemed too risky. In such scenarios, the bank is prohibited from disclosing the reason for the closure to the customer.
JPMorgan has faced similar scrutiny before. The bank closed the payroll account of crypto exchange Kraken with just five days’ notice. In 2018, it shut down accounts belonging to Erik Voorhees, founder of ShapeShift. The following year, accounts used by Bitcoin mining company Compass Mining were also terminated.
These actions have long raised questions about the bank’s posture toward the digital-asset sector. JPMorgan has simultaneously cut ties with certain crypto-linked companies while expanding its institutional services, onboarding firms like Coinbase and Gemini and offering affluent clients access to crypto-related investment products.
For Mallers, the account closure adds another public example to a pattern of opaque decisions affecting crypto builders and executives. Chase Bank has not issued a statement on the matter. Mallers says he still has not received a specific explanation, only the framed letter.
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