JPMorgan Account Closures Hit Small Businesses

Small businesses in the United States are facing difficulties after JPMorgan Chase, one of the largest banks in the country, began closing accounts of small business owners who deal in cryptocurrency.

"We're being punished for doing business with a legal entity," said Kyle Oberman, the CEO of Foundry Digital, a company that helps businesses set up and manage cryptocurrency accounts.

Oberman's company helps businesses set up and manage cryptocurrency accounts, but JPMorgan Chase recently notified him that it would be closing the company's account.

According to Oberman, the bank cited a policy that prohibits businesses from engaging in activities related to cryptocurrency, including buying, selling, and trading.

"This is not just about Foundry, this is about the thousands of businesses that are going to be affected by this policy," Oberman said.

He added that the policy is not only hurting small businesses but also their customers who rely on them for financial services.

Many business owners who have had their accounts closed by JPMorgan Chase are speaking out against the bank's policy, claiming it is discriminatory and unfair.

"It's discriminatory because it targets a specific industry," said John Paller, the owner of a business that deals in cryptocurrency. "Cryptocurrency is not a high-risk business, it's a legitimate business that's growing rapidly."

Paller's business was also closed by JPMorgan Chase, and he believes the bank's policy is unfair.

"We've had no issues with our account, no problems with our transactions," Paller said. "We're a legitimate business, and we're being unfairly targeted by JPMorgan Chase."

Some business owners are considering switching to other banks that do not have a policy against cryptocurrency, while others are fighting back against JPMorgan Chase's policy.

Author's Note:

JPMorgan Chase's policy against cryptocurrency is causing a stir among small business owners, who claim it is discriminatory and unfair. While the bank's policy may be aimed at minimizing risk, it is having a significant impact on businesses and their customers who rely on them for financial services.

Facts:

JPMorgan Chase is one of the largest banks in the United States.
The bank has a policy against businesses that deal in cryptocurrency.
Many small businesses have had their accounts closed by JPMorgan Chase due to this policy.
Business owners are speaking out against the bank's policy, claiming it is discriminatory and unfair.

"We're being punished for doing business with a legal entity."

— Kyle Oberman, CEO of Foundry Digital

"This is not just about Foundry, this is about the thousands of businesses that are going to be affected by this policy."

— Kyle Oberman, CEO of Foundry Digital

"It's discriminatory because it targets a specific industry."

— John Paller, owner of a business that deals in cryptocurrency

"We've had no issues with our account, no problems with our transactions."

— John Paller, owner of a business that deals in cryptocurrency

The Defiant — 2025-11-27