Most Central Banks loathe cryptyocurrency because it takes many of the pitfalls associated with fiat currencies. These entities work in the shadows and do everything to throw a spanner into the smooth working of Blockchain technology.
Uniswap founder Hayden Adams, according to a Jan. 23 tweet claimed that JPMorgan Chase had closed his bank accounts without any notice or explanation. Hayden Adams also revealed that a number of individuals and companies have been similarly targeted. He caustically remarked.
That is precisely what has just happened. Adams revealed that “thanks for making it personal.”
Shadow De-banking of Crypto
This is the latest modus operandi of Central Banks to crack their whip without any publicity. Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz was asked by Hayden’s for clarity from the bank and this was the answer- “Likely a shadow de-banking of crypto by @federalreserve or @USOCC [Office of the Comptroller of the Currency] bank examiners, with direction from the top.”
🧑💻 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
Chase customer support responded to the tweet, asking the Uniswap founder to utilize their chat messaging system and resolve the “less than ideal experience” he had with the bank.
Congress, Democratic Candidate Matt West also commented on the tweet, he wrote, “Absolutely insane. This is part of why we need clear regulatory framework in the US re: crypto and banks.”
Not only are the US banks coming down heavily on crypto investors, recently an Australian investor sued Westpac and the ANZ bank for closing his accounts resulting in the loss of funds.