Bitcoin Firm Twenty One Capital CEO Jack Mallers Reveals JPMorgan Chase Letter: Account Closure Over BSA Compliance Issues
COINOTAG News reports that on November 24, 2025, Twenty One Capital CEO Jack Mallers shared a framed letter from JPMorgan Chase Bank on X. Dated September 2, 2025, the missive states that Mallers’ account would be closed after a routine bank review identified Bank Secrecy Act compliance concerns and other regulatory issues, as well as account anomalies. JPMorgan Chase Bank, a subsidiary of JPMorgan Chase, operates primarily in commercial and retail banking. Mallers noted that despite a decades‑long business relationship with the lender and its parent, he was informed that opening future accounts would be prohibited, with no specific reasons provided.
This development underscores ongoing regulatory scrutiny affecting crypto‑friendly finance and the interface between legacy banks and digital asset executives. The letter’s language points to a formal compliance review rather than any demonstrated wrongdoing by Mallers or Twenty One Capital. Market participants should monitor potential implications for access to correspondent banking, KYC protocols, and capital deployment timelines within the cryptocurrency and blockchain sectors.