Crypto Startup: JP Morgan Chase Closed our Account with No Explanation
Cryptoraves, a company that is working on the tokenization of social media, had its bank account shut down last month by JP Morgan, not long after news of JPM Coin broke. Eventually, the crypto startup was told that they were working in a “prohibited industry,” but they couldn’t get more details than that.
Account Closed One Day After Launching JPM Coin
Meanwhile, JPM Coin is a blockchain solution, and JP Morgan itself works in digital currencies for some clients.
Nevertheless, the bank told Cryptoraves:
“After a recent review of your account, we have decided to end our relationship with you.”
Chase failed to explain why it closed the crypto startup’s account. | Source: CryptoRaves/Medium
Cryptoraves so far is a token meant to “boost credibility” on social media. A Twitter user can request free tokens and send them to other Twitter users. The tokens have no actual value, so, therefore, shouldn’t currently run afoul of securities regulations.
Cryptoraves’s Bryan Plasters writes in a blog post:
