JPMorgan Freezes Accounts Tied to Y Combinator–Backed Stablecoin Startups

[AIcash]

JPMorgan Chase has reportedly frozen bank accounts linked to BlindPay and Kontigo, two venture-backed stablecoin startups, after identifying exposure to sanctioned and high-risk jurisdictions.

According to The Information, the startups — both backed by Y Combinator — accessed JPMorgan’s banking services through payments firm Checkbook. The freezes were triggered after activity tied to Venezuela and other sanctioned regions was flagged.

JPMorgan denied targeting stablecoins broadly, saying it continues to bank stablecoin-related businesses and recently took a stablecoin issuer public.

[madmax]

Wow even JP Morgan is getting involved with Venezuela