JPMorgan Freezes Accounts Linked to Venezuela Amid Stablecoin Scrutiny
JPMorgan Chase has abruptly frozen accounts belonging to fintech startups Blindpay and Kontigo, citing their business ties to Venezuela as a compliance risk. The MOVE comes despite the bank's insistence that it maintains relationships with stablecoin issuers, including recently taking one public. Both startups accessed banking services through Checkbook, a U.S.-based payments processor.
The decision reflects heightened sensitivity around Venezuela-related transactions following aggressive U.S. sanctions enforcement. Banks now face intense pressure to monitor counterparties, with non-compliance risking SEC action. This development occurs alongside the TRUMP administration's seizure of Venezuelan oil tankers, underscoring Washington's hardline stance.
