JPMorgan Chase Freezes ShapeShift Account Swiss cryptocurrency exchange ShapeShift has reportedly had its corporate account with JPMorgan Chase closed. Houston Morgan, ShapeShift's marketing director, was also notified that his personal account would be closed. Reason for Account Closure Unclear Chase Bank cited a need to protect the financial institution as the reason for suspending transactions. The exact reasons remain ambiguous, fueling speculation about a broader crackdown on crypto-related businesses. This follows a similar incident where JPMorgan Chase closed the account of Strike CEO Jack Mallers. Implications for Crypto Businesses This closure highlights the ongoing challenges faced by cryptocurrency companies in securing banking services. The lack of regulatory clarity and perceived risk associated with digital assets often lead traditional financial institutions to avoid or limit their exposure to the crypto industry. This may force crypto businesses to seek alternative banking solutions or operate outside the traditional financial system. ```