There was a remarkable development between the traditional finance system and the leading names of the decentralized finance system (DeFi). JP Morgan, one of the world’s largest banks, closed the bank accounts of Hayden Adams, the founder of Uniswap, one of the world’s largest decentralized exchanges. Adams made very harsh statements on the subject.
In the statements made by Uniswap founder Hayden Adams, he stated that JP Morgan did such a thing without even informing him, and that he was not the only person in this position. There was no response to Adams, who said, “This week, JP Morgan closed my bank accounts without sending me any warning or explanation. I know many people and companies that have faced similar situations just because they work in the cryptocurrency industry. Thanks for making this personal…”
“May have been made by order from above”
Brian Quintenz, former chairman of the US Commodity Futures Trading Commission (CFTC), also made some statements on the subject. “This is a move to debank crypto by the Fed or OCC inspectors, most likely with a directive from above… If the inspector gives the bank information that indicates the client is in a risk class, the bank does not have to inform the client when closing his account,” Quintenz said. It explains why something like this could happen.
While JP Morgan is expected to make a statement on the subject, it seems that the war between the crypto money community and traditional financial systems may not be limited to this. Because in the coming periods, we may witness tensions like this or much more severe than this. After all, the world of cryptocurrencies puts the traditional financial system at risk, and no one knows yet who will win in the changing world order.
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