JPMorgan freezes accounts of two stablecoin startups over sanctions concerns: Report
JPMorgan has reportedly frozen accounts linked to Y Combinator–backed stablecoin startups BlindPay and Kontigo after flagging exposure to sanctioned jurisdictions.
JPMorgan Chase has reportedly frozen bank accounts linked to two venture-backed stablecoin startups after identifying exposure to sanctioned and high-risk jurisdictions.
The accounts belonged to BlindPay and Kontigo, two stablecoin startups backed by Y Combinator that primarily operate across Latin America, according to a report by The Information. Both companies accessed JPMorgan’s banking services through Checkbook, a digital payments firm that partners with large financial institutions.
Per the report, the freezes occurred after JPMorgan flagged business activity tied to Venezuela and other locations subject to US sanctions.
