Crypto: Jpmorgan Acknowledges Closing Trump Accounts In New Court Filing

Court documents indicate that JPMorgan de-banked Trump, with debanking one of the main reasons the Trump family turned to crypto.

The largest bank in the US, JPMorgan, admitted to de-banking Donald Trump following the Jan. 6, 2021 Capitol attack in a move that ultimately led the Trump family to start going down the crypto rabbit hole.

Dan Wilkening, JPMorgan’s former chief administrative officer, acknowledged that the bank had decided to close accounts tied to Trump, marking the first time JPMorgan has admitted to doing so on record, according to court filings seen last week by outlets including Fortune and CNBC.

“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” Wilkening wrote in a case involving Trump suing the bank.

Up until now, JPMorgan had failed to provide a concrete answer on the de-banking in court or in public.

Trump’s lawsuit against JPMorgan was filed in late January, alleging that the bank unlawfully terminated his accounts purely for political reasons, which ultimately put him and his family on a reputational "blacklist." Trump is seeking $5 billion in damages.

President Trump’s legal team said in a statement that it marks a “devastating concession” that proves President Trump’s entire claim.”

“JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm,” the team said.

In a statement to CNN on Sunday, JPMorgan spokeswoman Trish Wexler said: “While we regret President Trump has sued us, we believe the suit has no merit.”

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Source: CoinTelegraph