As is tradition, let's start with an explanation. Banks' dislike of Bitcoin and other coins is nothing new, and the reasons are obvious. The fact is that cryptocurrencies are mostly decentralised, which means that what happens to them cannot be controlled. This confuses classical financial institutions, which are used to the opposite situation. In addition, crypto purposely relieves people of the need to interact with intermediaries when conducting financial transactions, also giving them commissions. And the representatives of large institutions certainly don't like that.

At the same time, Haider is the creator of Uniswap, a familiar decentralised exchange that allows you to exchange some crypto-assets for others. The main feature of the platform is that it is run by ordinary users who share their crypto and allow others to trade with it, earning a percentage. Accordingly, there is no need for intermediaries.

Promotion of the third version of the exchange Uniswap

Although the platform is decentralised, problems have already arisen with its management. In particular, in the fall of 2021 it became known that the Securities and Exchange Commission was investigating the details of how Uniswap operated. And as experts pointed out at the time, regulators have the ability to make interaction with a particular blockchain platform much more complicated. Read more about the story in a separate piece.

How cryptocurrencies are being fought

Here is a translation of Adams’ tweet in which he shared details of what happened. The replica was published by the news outlet CryptoPotato.

JPMorgan Chase blocked my bank account this week without any warning or explanation. I know many people and companies who have found themselves in a similar situation because of their work in the crypto industry. Thanks for getting to the personalities.

Former CFTC financial regulator Brian Quintens addressed Adams in the comments, citing the likely reason for the blocking. Here is his quote.

It is most likely covert pressure on the crypto industry by the Federal Reserve and the US Comptroller General.

That is, the expert believes that this was not only done deliberately, but also specifically to combat the cryptocurrency industry. In such a case, we can conclude that the bank's management is desperate if it chooses to use such methods.

Uniswap creator Hayden Adams

Quintenz also added that if a bank has received an “order from above” to block a particular customer, it can close their account without any explanation. The expert referred to an article by Congresswoman Cynthia Lummis in which she said there was deliberate pressure on the financial technology industry by senior US Federal Reserve officials.

Most interestingly, JPMorgan Chase’s official Twitter account responded to Adams’ statement by asking him to take care of the issue with the bank’s technical support team. It remains to be hoped that the problem can still be resolved “amicably” without further serious restrictions from the banks.


We believe that this initiative by the bankers will lead nowhere. Obviously, the developer of one of the largest decentralized crypto-exchanges will not be left without money, but blocking its bank accounts could really make the problem "personal". Therefore, in this case, the financial institution will only make users angry because of its strange attitude towards its customers. And such a stance would be justified.