JPMorgan Freezes Accounts Linked to Stablecoin Startups Due to Sanction Risks
- Account Freezing Reasons: JPMorgan has frozen accounts linked to stablecoin startups BlindPay and Kontigo due to identified business activities associated with sanctioned and high-risk jurisdictions like Venezuela, highlighting the bank's stringent compliance risk management practices.
- Operational Risk Impact: The CEO of Checkbook noted that the account freezes were partly due to high chargeback ratios resulting from rapid customer onboarding at BlindPay and Kontigo, which not only increases operational friction for banks but also raises regulatory scrutiny and potential financial losses.
- Risks of Indirect Banking Services: Although BlindPay and Kontigo accessed JPMorgan's services indirectly through Checkbook, this did not shield them from compliance reviews, indicating that banks retain ultimate decision-making authority when compliance thresholds are breached.
- Compliance Challenges in Venezuela: Venezuela has become a focal point for stablecoin usage due to its currency collapse and capital controls, yet it poses significant compliance risks for banks, forcing stablecoin firms to navigate the difficult balance between meeting market demand and adhering to U.S. sanctions policies.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE) As of , (STABLE) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.00283 | 0.00635 | 0.0144 | 0.0235 | 0.0315 | 0.0407 | 0.0487 |
| Fibonacci | 0.00635 | 0.0129 | 0.017 | 0.0235 | 0.0301 | 0.0341 | 0.0407 |
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