JPMorgan has frozen accounts of Y Combinator-backed stablecoin startups Blindpay and Kontigo due to their connections to Venezuela, a nation under strict U.S. sanctions. The move aligns with U.S. financial regulations requiring banks to mitigate risks from high-risk jurisdictions like Venezuela.

• Connection via Checkbook:Both startups linked to JPMorgan through the U.S.-based payments firm Checkbook, but Venezuela ties raised compliance flags.