this literally happened last week and im still in shock. we run a small stablecoin startup, completely legit, been with jpmorgan for 2 years. woke up monday and our account was just frozen. no email, no call, nothing.
turns out theyre going after any crypto company they think might have sanctions exposure. we have zero business with venezuela or any sanctioned countries but they dont care. theyre just blanket freezing accounts.
now we have employees waiting for paychecks and it takes weeks to open new corporate accounts. ive been paying people from my personal savings just to keep things running. two other startups we know got hit the exact same week.
the worst part is theres no recourse. they can just decide one day that your entire industry is too risky and cut you off. how are we supposed to build anything when traditional banks can just pull the rug like this?
anyone else dealing with this? what banks are actually crypto friendly right now?
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