Blockchain News

UniSwap Founder Sees JP Morgan Bank Account Closed

Crypto continues to see more adoption, and banks may ultimately have to adjust in favor of the trend.

Account Terminated

American banking giant, JP Morgan Chase has closed the accounts of the founder of UniSwap, Hayden Adams. No reason has been given for the closure, and Hayden seemed completely taken by surprise. 

The closure of Hayden's accounts in JP Morgan might be linked to his status as a crypto activist. Indeed, some of his associates reported having had a similar experience with the same bank.

"This week @jpmorgan @Chase closed my bank accounts with no notice or explanation. I know many individuals and companies who have been similarly targeted simply for working in the crypto industry," the UniSwap founder wrote in a January 23 tweet

Tug of War

JP Morgan's action would seem ridiculous, considering that it offered neither explanation nor prior notice why Hayden's accounts were closed. It shows clearly how helpless one can easily be in the hands of the centralized financial system. It is not an isolated incident, as such actions by banks have been made in different parts of the world - including the writer's home country, Nigeria

Decentralization and crypto promise financial freedom for the masses, and the hostility directed at users by banks and governments tend to justify the growing adoption of decentralized finance. The fact that banks could shut out a high-profile personality like Hayden Adams shows how vulnerable every other crypto user is.

According to Chainalysis, the worldwide adoption of crypto in 2021 increased by over 880%. This goes to show that the momentum is on the side of decentralization rather than centralization. Actions such as JP Morgan's will encourage people, rather than discourage them, to take control of their finances via crypto––stablecoins in particular. 

Seeing the rate at which the number of crypto users is growing, it may only be a matter of time before banks realize the yearning of the majority and adopt a crypto-friendly disposition. 

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