JPMorgan’s closure of Strike CEO Jack Mallers’ personal accounts underscores the tension between banks’ public embrace of crypto and their private enforcement of risk policies, experts say.
On Nov. 23, Mallers revealed in a post on X that his private JPMorgan account was closed without explanation. While the bank cited “concerning activity,” according to a screenshot Mallers shared, it declined to provide further details. Mallers also noted the unusual nature of the closure, pointing out that his father has been a private client of JPMorgan for over 30 years.
The incident quickly drew attention in crypto communities, with experts noting that it highlights a recurring contradiction in legacy finance: banks publicly praise innovation, yet high-profile crypto leaders face scrutiny and account closures behind the scenes.
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