JPMorgan confirmed the closure of Donald Trump’s accounts in 2021, a decision that prompted the politician’s family to explore digital assets, reports Fortune.
Dan Wilkening, a former top executive of the largest US bank, confirmed the account closures in court documents. Previously, the financial institution had refrained from making official comments on the incident.
In January, Trump filed a lawsuit against JPMorgan for $5 billion. He accused the organization of unlawfully terminating contracts and placing his family on an unofficial “blacklist.” The politician’s lawyers described the bank’s admission as direct evidence of the damage caused.
JPMorgan representatives deemed the lawsuit unfounded. Spokesperson Trish Wexler stated to CNN that the bank closes accounts only when there are legal and regulatory risks, not based on clients’ personal beliefs.
The proceedings initially began in a Florida state court. The bank is now seeking to transfer the hearings to federal jurisdiction in New York, where the closed accounts were serviced.
Back in October 2025, journalists from the Financial Times discovered that President Trump’s family had earned over $1 billion from cryptocurrency projects.
In February, an investment fund associated with UAE Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired 49% of the crypto project World Liberty Financial.