JPMorgan admits closing Trump accounts, sparking $5B lawsuit

JPMorgan confirmed closing Trump’s accounts after the Capitol riot, citing risk policies. Trump claims political bias and seeks $5B in damages. The dispute has fueled the ‘debanking’ debate and led the Trump family to explore crypto.

JPMorgan Chase has confirmed it closed Donald Trump’s bank accounts, as well as those of his family and businesses, in the weeks following the January 6, 2021, Capitol riot. This disclosure, revealed in court documents, is central to a $5 billion lawsuit filed by Trump, who claims the closures were politically motivated and caused significant financial harm. JPMorgan maintains the decision was based on legal, regulatory, and reputational risk management policies, not on political or religious grounds. The bank’s CEO has denied closing accounts for political reasons, describing the move as a standard risk-management measure. The Trump family alleges the closures were a coordinated effort to blacklist them from financial services, intensifying the debate over ‘debanking’ and access to banking. Following the closures, the Trump family began exploring opportunities in the cryptocurrency sector, linking the case to broader shifts in financial channels.