JPMorgan Chase freezes Shapeshift corporate account… executive's personal account also to be closed
Summary
- JPMorgan Chase said it froze the corporate account of the Swiss-based virtual asset exchange Shapeshift.
- The bank said it will also close a Shapeshift executive's personal account, and did not disclose specific reasons.
- Considering past cases of account closures of CEOs in the Bitcoin payment platform industry, it reported assessments that banks' risk management toward virtual asset companies is further strengthening.
JPMorgan Chase has frozen the corporate account of Swiss-based virtual asset (cryptocurrency) exchange Shapeshift and will also close an executive's personal account.
On the 25th (local time), according to crypto-focused media The Block, JPMorgan Chase recently closed Shapeshift's corporate account and notified that the personal account of marketing head Houston Morgan (Houston Morgan) would also be closed this week.
Houston Morgan said he was informed by JPMorgan Chase that "transactions are being suspended to protect financial institutions." The bank did not disclose specific reasons.
Previously, JPMorgan Chase had closed the account of Jack Mallers (Jack Mallers), CEO of Bitcoin payment platform Strike, without separate prior notice, leading to interpretations that banks are strengthening their risk management stance toward virtual asset companies and industry participants.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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