Hoskinson reacts on JP Morgan closing Kanye West (Ye) bank account

Hoskinson claims that banks are actively promoting cryptocurrency after JP Morgan bank closed Ye (Kanye West) account.

The statement was made by Charles Hoskinson, the founder of Cardano, in response to a photo of Kanye West sporting a cap bearing the name Satoshi Nakamoto after JPMorgan de-banked him.

According to a tweet from Charles Hoskinson, the founder of Cardano, on October 17, “American banks have helped to advertise crypto better than the industry players.”

In response to a photo of Kanye West sporting a cap bearing the name Satoshi Nakamoto after JPMorgan de-banked him, Hoskinson made the remark.

According to media sources, the renowned rapper’s relationship with U.S. banking behemoth JPMorgan was severed earlier this month. JPMorgan gave him till November 21 to transfer his assets to another financial institution.

However, the bank’s decision was made without explanation. But, many have concluded that the bank’s choice was motivated by West’s most recent anti-Semitic remark.

Prior to it, the rapper had questioned the bank’s management and strained his connections with a number of important clients, including Adidas.

Kanye West said he did not breach any laws in a widely shared video on Twitter, adding that JPMorgan’s decision was unexpected.

“I put $140 million into JP Morgan and they treated me like sh*t. So if JP Morgan Chase is treating me like that, how are they treating the rest of y’all?”

Numerous cryptocurrency businesses, including CriptoLoja and Mind the Coin, had their accounts terminated by Portuguese banks without explanation.

The identical situation occurred in the United States, where JP Morgan Chase closed Hayden Adams’ account last year without warning or justification. Prior to that, Compass Mining accounts were closed in 2019.