Key highlights:
- Jamie Dimon rejects claims that JPMorgan closes accounts for political or religious reasons.
- Crypto executives say unexplained account shutdowns are increasing across major banks.
- Dimon says outdated rules, not ideology, force banks into closing suspicious accounts.
JPMorgan Chase CEO Jamie Dimon firmly denied allegations that the bank shuts down customer accounts because of political or religious views. Speaking in an interview with Fox News, Dimon said he has been pushing for more than a decade to reform rules that trigger forced account closures across the banking sector.
Dimon dismissed the accusations as baseless, saying the public should stop spreading unfounded claims. He emphasized that JPMorgan cannot comment on specific clients but insisted that account closures have nothing to do with political or religious views.
According to him, the bank’s decisions affect people across the political spectrum and from all faiths, but never because of their beliefs.
Customers report rising account closures as tensions grow
In recent months, several high-profile figures have accused JPMorgan of shutting down accounts without warning.
Devin Nunes, chairman of the President’s Intelligence Advisory Board and head of Trump Media, said his company lost access to JPMorgan services and is among more than 400 individuals and entities linked to Donald Trump whose bank records were turned over to Special Counsel Jack Smith.
From article:
Former House Intelligence Committee Chairman Devin Nunes, now the CEO of Trump Media and Technology Group, on Sunday tore into JPMorgan for not informing President Donald Trump that Special Counsel Jack Smith was seeking its bank records as part of the Arctic Frost… pic.twitter.com/Sp7eFlDfN9— Major Anthony Jones (@majorbrainpain) November 10, 2025
Jack Mallers, CEO of Bitcoin payments company Strike, also claims JPMorgan closed his personal accounts without explanation, fueling speculation of a renewed “Operation Choke Point 2.0.” Houston Morgan, marketing lead at crypto platform ShapeShift, reported a similar incident in November.
Why the industry keeps facing sudden banking restrictions
Crypto companies and politically exposed organizations have long struggled with unexpected banking disruptions. Many see these actions as part of a broader crackdown on the digital asset industry.
Dimon, however, insists he opposes such practices and has repeatedly urged regulators to revise rules that force banks to take precautionary actions.
Dimon said he welcomed the Trump administration’s efforts to challenge restrictive banking practices, noting that he had been calling for reforms for the past 15 years. He explained that banks typically close accounts because of compliance risks, negative media attention, or ambiguous regulatory requirements, rather than for political reasons.
Government pressure and compliance rules drive the closures
Political scrutiny of the banking sector intensified in August when President Donald Trump signed an executive order directing regulators to investigate allegations of discriminatory account closures affecting conservative groups and crypto firms.
Dimon emphasized that banks do not provide information to the government unless legally compelled: “We don’t give information simply because they ask. We’re subpoenaed. The court compels us.” He added that JPMorgan has complied with subpoenas across multiple administrations, even when he disagreed with their direction.
The CEO further noted that both political parties pressure banks equally. “Both Democratic and Republican governments have attacked us. Let’s not pretend it’s just one side doing this,” he said.
Dimon called for an end to the “militarization of government” and urged policymakers to address systemic flaws rather than assign blame. As regulatory scrutiny intensifies, debates over the fairness and legality of account closures continue to gain momentum across the financial sector.
Several people in the cryptocurrency community recently called for a boycott of JPMorgan. The uproar was caused by theories that JPMorgan was trying to negatively impact Bitcoin treasury company Strategy by revealing MSCI plans to exclude companies holding significant crypto reserves from key indices.
Source:: Jamie Dimon Says JPMorgan Doesn’t Close Accounts for Politics but Simply Because It Can