JPMorgan confirms 2021 closure of Trump accounts, family later embraced crypto

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JPMorgan admits closing Trump accounts in 2021

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Mikhail Vnuchkov

23.02.2026

JPMorgan confirms 2021 closure of Trump accounts, family later embraced crypto — JPMorgan confirmed it closed Trump accounts after January 6, 2021, reshaping family financial strategy

Largest US bank JPMorgan Chase has formally acknowledged it closed accounts linked to Donald Trump after the January 6, 2021 events in Washington. The legal dispute with the bank has since intensified the Trump family interest in digital assets.

In written testimony, former JPMorgan chief administrative officer Dan Wilkening said that in February 2021 the bank notified Trump that certain accounts in its commercial and private banking divisions would be closed. The disclosure appeared in new court filings tied to Trump lawsuit against the bank, Cointelegraph reported.

JPMorgan had not previously confirmed the account closures in public.

The lawsuit was filed in late January. Trump argues the bank unlawfully terminated his accounts for political reasons and effectively placed his family on a reputational blacklist. He is seeking $5 billion in damages.

Trump legal team described the filing as a devastating concession that, in their view, proves intentional debanking of the president, his family and their businesses, causing significant financial harm.

JPMorgan rejects those claims. Spokesperson Trish Wexler said the lawsuit lacks merit. She stated the bank closes accounts in cases involving legal or regulatory risk, not because of clients political or religious views.

Debanking and shift toward crypto

The Trump family has repeatedly linked the loss of banking access to its deeper involvement in the crypto industry. Eric Trump has said that after the Washington unrest, multiple accounts were shut down, forcing the family to look for alternatives to the traditional financial system.

He later led the launch of crypto platform World Liberty Financial, which became one of the family key ventures in digital assets. During his second term in the White House, Donald Trump has also advocated for more favorable cryptocurrency regulation.

How debanking affects crypto markets

The JPMorgan case has revived debate around debanking, when financial institutions close accounts due to compliance risks, reputational concerns or regulatory requirements. For large banks, it is a matter of risk management. For clients, it can mean losing access to core financial infrastructure.

Against that backdrop, cryptocurrencies such as Bitcoin are often presented as alternatives to traditional banking. Bitcoin blockchain allows users to store and transfer value without intermediaries, reducing dependence on decisions by individual financial institutions.

At the same time, both banks and crypto firms face increasing regulatory scrutiny. The dispute between Trump and JPMorgan could become a reference point for future tensions between traditional finance and digital assets, shaping how both sectors operate.

JPMorgan admission in court has put renewed focus on access to financial services and the growth of crypto businesses.

Recently, we reported that JPMorgan Chase CEO Jamie Dimon criticized President Donald Trump, warning that his proposal to cap credit card interest rates would leave up to 80 percent of Americans without access to credit.

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