Why JPMorgan Is Cutting Off Stablecoin Neobanks In Latin America Despite Crypto-Friendly Messaging
JPMorgan Chase has quietly frozen accounts belonging to two fast-growing stablecoin-focused fintech companies, escalating long-standing tensions between traditional banks and crypto-native payment platforms serving high-risk jurisdictions.
The targeted firms include Blindpay, which enables stablecoin-based payments across Argentina, Mexico, Colombia, and Brazil, and Kontigo, a Venezuela-focused platform offering on-ramps, remittances, and digital dollar transactions, according to The Information.
Both companies rely heavily on U.S. banking rails to move funds and support their remittance infrastructure.
Bank Says Action Not About Crypto
Despite the timing and the firms’ reliance on stablecoins, JPMorgan insisted the move was unrelated…
