JPMorgan Blocks Stablecoin Startups Over Sanctions Risks
JPMorgan has frozen accounts of stablecoin startups Blindpay and Kontigo, both backed by Y Combinator, after spotting suspicious activity linked to high-risk regions like Venezuela. The firms, which processed payments through Checkbook, reportedly saw rising chargebacks and weak identity checks. JPMorgan said the move was a compliance measure tied to sanctions rules, not a ban on all crypto clients. Both startups were growing fast in Latin America’s digital payment sector before the freeze.
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