JPMorgan has admitted to closing former President Donald Trump’s bank accounts in early 2021, a move the Trump family says pushed them toward cryptocurrency. The disclosure came in a court filing related to a $5 billion lawsuit Trump filed, alleging unlawful debanking for political reasons. JPMorgan stated the suit has no merit and that it closes accounts due to legal or regulatory risks, not political ones.
JPMorgan Chase has acknowledged it closed accounts tied to Donald Trump following the January 2021 Capitol attack. Dan Wilkening, the bank’s former chief administrative officer, confirmed the account terminations in a court filing seen by multiple outlets.
Trump filed a lawsuit in late January seeking $5 billion in damages. The suit alleges the bank unlawfully terminated accounts for political reasons, placing the family on a reputational “blacklist.”
President Trump’s legal team called the filing a “devastating concession that proves President Trump’s entire claim.” The team stated, “JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.”
In a statement, JPMorgan spokeswoman Trish Wexler said, “While we regret President Trump has sued us, we believe the suit has no merit.” She added the bank closes accounts posing legal or regulatory risks, not for political or religious reasons.
Eric Trump has linked this debanking to the family’s crypto pivot. He told Fox News his “love” for crypto was sparked by having no other choice after accounts were closed.
He argued cryptocurrency has removed power from big banks that “have weaponized their platforms against the American people.” Following the debanking, Eric Trump led the establishment of the World Liberty Financial crypto platform.
