Wed. Aug 10th, 2022

Hayden Adams. Source: A video screenshot, Youtube/Fluidity

Hayden Adams, the creator of major decentralized exchange Uniswap, said that American banking giant JPMorgan Chase closed his banking accounts with “no notice or explanation.”

“I know many individuals and companies who have been similarly targeted simply for working in the crypto industry. Thanks for making it a personal,” Adams tweeted.

However, Chase’s official support Twitter account replied to Adams’ tweet, saying that “it sounds like you’ve had a less than ideal experience, and we want to know where you are coming from.” They asked him to send his “name, zip, and any other information” that he would like to share in a private message.

Brian Quintenz, an American financial manager and the former Commodity Futures Trading Commission commissioner, described the move as “a shadow de-banking of crypto” by the Federal Reserve (Fed) or the Office of the Comptroller of the Currency examiners “with direction from the top.”

“If the examiner told a bank that a certain customer is too risky and the bank ended that relationship, the bank is contractually prevented from telling that customer why,” Quintenz added.

He also cited an article by Cynthia Lummis, a pro-Bitcoin (BTC) American senator, which claimed that the Fed was deliberately holding back crypto adoption.

“They canceled the bank account of someone featured in page 1 of the WSJ last year saying he was coming after the banking system to disrupt them,” said Jim Bianco, president of Bianco Research, an investment analysis firm.

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