JPMorgan Closes Uniswap Founder's Bank Account; Described As A 'Shadow De-Banking Of Crypto'

A few months ago, the US Securities and Exchange Commission (SEC) began investigating the operations of Uniswap UNI/USD, the world’s largest decentralized exchange. Now comes news that the JPMorgan Chase & Co JPM bank account of Uniswap's founder has been closed.

What happened: On Sunday, Hayden Adams tweeted that his bank account had been shut down without warning, and that he's not the only one to be targeted this way.

This week @jpmorgan @Chase closed my bank 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

— hayden.eth (@haydenzadams) January 23, 2022

In a reply to Adams, Brian Quentenz — the former US Commodity Futures Trading Commission Chairman — said, “Likely a shadow de-banking of crypto by @federalreserve or @USOCC bank examiners, with direction from the top.” He added that the bank will not tell the customer the reason for closing an account if the examiner tags him risky.

See Also: How to Buy Uniswap?

JP Morgan has previously closed the bank accounts of other crypto figures. In 2018, Erik Voorhees tweeted, “Chase just closed my credit card account. No warning. No explanation of any kind. Won't tell me why. No wonder people hate that company.”

Chase closed Kraken’s payroll account a few years ago, the only difference was the bank gave a 5-day warning before doing so.

Photo: Courtesy of Diverse Stock Photos on Flickr