JPMorgan Closes ShapeShift Executive Accounts: What Impact Will This Have on the Crypto Market?

Jakarta, Pintu News – JPMorgan Chase is closing the business account of Houston Morgan, an executive at ShapeShift-a non-custodial crypto trading platform. Not only the business account, Morgan’s personal account will also be closed soon. The closure came without warning and without an opportunity to resolve the alleged issues.

This follows an earlier similar incident with Strike CEO Jack Mallers, whose account was also blocked by JPMorgan. This situation has reignited fears of a systematic campaign against the crypto industry, known as “Operation Chokepoint 2.0.”

Brief Chronology

1. Sudden Notification: Morgan received a message from Chase on Friday afternoon, November 21, that his business account was at risk of being closed.
2. Access Blocked: Shortly after the message, he was unable to log into his business or personal accounts.
3. Contact Customer Service: It took a long time and various transfers between departments to finally meet a staff named “Andre”.
4. Final Decision: Andre stated that the bank’s decision was final and inviolable. Morgan was not given the opportunity to correct or provide any documents.
5. Frozen Funds: Morgan estimated that there was about $40,000 in the account, but he could not access or confirm the exact amount.

Why is it controversial?

• ShapeShift is a DAO (Decentralized Autonomous Organization), which does not store user funds directly.
• Transparency: Morgan stated that there were no suspicious transactions or document requests from the bank beforehand.
• Bad Precedent: U.S. Senator Cynthia Lummis called this incident proof that “Operation Chokepoint 2.0” is underway, an effort to pressure financial institutions with ties to the crypto industry.

Also Read: A Complete Guide to Saving Digital Gold in 2025 – Simple, Safe, Can Start from Rp11,000!

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FAQ: JPMorgan Account Closure of ShapeShift Executives

What is “Operation Chokepoint 2.0”?

This term refers to an alleged strategy by governments or financial institutions to systematically cut off access to banking services to crypto industry players.

Why can a ShapeShift account be closed?

JPMorgan did not provide a specific reason. ShapeShift executive Houston Morgan said he received no prior warning or request for clarification.

Is this only the case with ShapeShift?

It wasn’t. Previously, Strike’s CEO, Jack Mallers, also experienced something similar. Even deposits to Strike were also rejected by JPMorgan on charges of “fraudulent activity.”

What impact will this have on the crypto industry?

This kind of action can:

• Disrupting crypto company operations
• Decreased trust in traditional banks
• Encouraging crypto companies and investors to move abroad

What steps can be taken if you experience something similar?

1. Withdraw funds immediately before your account is frozen
2. Document the chronology of events
3. Contact legal aid or watchdog organizations
4. Diversify financial services, including considering a pro-crypto bank

Reference:

• Nellius Irene. JPMorgan’s latest account shutdown hits ShapeShift executive. Accessed on November 26, 2025