PANews reported on November 26 that, according to The Block, JPMorgan Chase closed the corporate and personal banking accounts of Houston Morgan , head of marketing for the crypto platform ShapeShift, on November 21. This follows the bank's closure this week of the account of the CEO of Bitcoin payment app Strike, marking another purge of the crypto industry.
Morgan stated that its business account was immediately frozen due to its association with the ShapeShift DAO operational structure, and approximately $40,000 in funds within the account cannot be withdrawn. The bank unilaterally terminated services without requesting supplementary materials or explanations of specific violations, citing "protection of financial institutions" as the reason, and rejected Morgan's appeals. Morgan's personal account has also been notified that it will be closed this week; funds had already been transferred before the freeze.
