Cardano founder Charles Hoskinson stated that US banks have helped market crypto better than industry players, according to a tweet on Oct. 17.

Hoskinson made the statement in reaction to a photo of Kanye West wearing a Satoshi Nakamoto cap after JPMorgan unseated him.

JPMorgan cuts ties with Kanye West

Media reports revealed that US banking giant JPMorgan had cut ties with the legendary rapper earlier in the month and given him until November 21 to move his assets to another financial institution.

The bank reportedly did not give a reason for its decision.

Many people have assumed that the bank made its decision after West’s recent anti-Semitic statement. Before that, the rapper had criticized the bank’s leadership and deteriorated relations with several prominent business partners, including Adidas.

Kanye West says he didn’t break any laws

In a video widely posted on Twitter, Kanye West said he did not break any laws, adding that JPMorgan’s decision was surprising.

west said:

“I put $140 million into JP Morgan and they treated me like shit. So if JP Morgan Chase is treating me like this, how are you treating the rest of you?

financial censorship

Several traditional financial institutions have recently swung the stick, cutting ties with different people and institutions without giving a specific reason.

Portuguese banks closed accounts of several crypto companies, including CriptoLoja and Mind the Coin, without giving any reason. The same scenario played out in the United States, with JP Morgan Chase closure the account of Uniswap founder Hayden Adams last year without warning or explanation. Before that, he closed Bitcoin Compass Mining’s mining accounts in 2019.

In addition to these traditional financial institutions, PayPal was recently in the news for a now-canceled misinformation policy that would fine its users up to $2,500 for misinformation.

Meanwhile, several sexual content creators revealed that traditional financial institutions such as PayPal, Venmo, Circle, Square and Cash App had prevented them from using their services because it is a violation of their terms of use.

Financial Censors Could Boost Cryptocurrency Adoption

The penchant of traditional financial institutions for arbitrarily closing user accounts could drive cryptocurrency adoption.

Protesters in Canada and Nigeria had used the censorship-resistant nature of cryptocurrencies to their advantage as traditional financial institutions clamped down on their fundraising activities.

Ukraine had also used cryptocurrencies to raise funds for its defense against the Russian invasion of its border.

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This post Hoskinson Says Banks Are Trading Crypto With Their Stocks After Kanye West and JP Morgan Fallout

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