The Impact of Bank Mandiri's Cancel Culture on BMRI Stock Price

The phenomenon of Bank Mandiri's cancel culture emerged after the account belonging to the Coordinator of the Pati Bersatu Community Alliance (AMPB), Supriyono alias Botok, was blocked. The account had a balance of approximately IDR 80.9 million, consisting of personal funds and public donations for logistical needs for a protest action in front of the DPR RI building on August 27, 2026.

The blocking of the account then triggered a wave of protests against Bank Mandiri. The hashtag #BoikotBankMandiri and the BMRI stock code became topics of conversation on social media X and Thread on Monday (24/8/2026).

Several netizens called for a boycott, ranging from withdrawing funds, cutting ATM cards, to deleting the Livin' Mandiri application. The pressure on social media turned the account blocking case into a reputational issue for one of Indonesia's largest state-owned banks.

Amidst this controversy, BMRI shares continued to move positively on the Indonesia Stock Exchange. However, the sustainability of negative sentiment is a concern for investors, as public perception can affect market sentiment in the short term.

Key Takeaways

• Supriyono alias Botok's account, with a balance of approximately IDR 80.9 million, was blocked by Bank Mandiri, and the bank stated that the action was taken at the request of law enforcement authorities.
• PPATK stated that it never requested the blocking of the account, leading to demands for transparency regarding the institution that made the request.
• BMRI shares closed at IDR 4,220 on Friday (21/8/2026), up 1.69%, while Bank Mandiri's fundamental performance still shows growth.

Chronology of the Bank Mandiri Account Blocking

The case began when Supriyono discovered that his Bank Mandiri account could not be accessed. The account contained approximately IDR 80.9 million, originating from personal funds and public donations.

The funds were collected to support logistical needs for a protest rally scheduled to take place in front of the DPR RI building on August 27, 2026.

Bank Mandiri, through Corporate Secretary Adhika Vista, apologized and explained that the blocking was carried out as a follow-up to a request from law enforcement authorities.

The bank also stated that the action was taken based on applicable procedures and regulations.

However, this explanation has not answered several questions that have arisen in the community. Bank Mandiri did not specify which institution made the blocking request, the case underlying the action, or the court approval status regarding the account blocking.

Also Read: NVIDIA's $500 Billion AI Funding, Could AI Crypto Tokens Also Benefit?

Legal Controversy Surrounding the Account Blocking

The legal issue is one of the main points in the Bank Mandiri boycott controversy.

Article 140 of Law Number 20 of 2025 concerning the Criminal Procedure Code regulates blocking as a form of coercive measure that requires permission from the Chief Justice of the District Court.

This provision then came under scrutiny as the public demanded an explanation regarding the legal basis for blocking Supriyono's account.

The debate intensified after the Financial Transaction Reports and Analysis Center (PPATK) provided clarification regarding its involvement.

Also Read: Popular Tokenized Stocks in 2026: Technology Stocks Become Investor Favorites

PPATK Denies Requesting Account Blocking

Head of PPATK Ivan Yustiavandana stated that PPATK never submitted a request to block Supriyono's account.

This statement raised new questions, as Bank Mandiri had previously mentioned that the blocking was carried out at the request of law enforcement authorities.

A civil society coalition then urged Bank Mandiri and the relevant authorities to provide open information regarding the party that requested the blocking and the case underlying the action.

"A request from authorities is not a basis for arbitrarily blocking a citizen's account. The authorities and the bank must explain who gave the order, what case is being investigated, and what the connection is between those funds and a criminal act," the coalition wrote in its official statement.

Amnesty International Indonesia also highlighted the impact of the blocking on community activities.

"Limiting access to money for food, transportation, and the needs of protest participants is tantamount to paralyzing freedom of expression through economic pressure," said Usman Hamid, Director of Amnesty International Indonesia.

List and trade crypto on Bittime to explore digital asset options and crypto trading features.

Bank Mandiri Boycott Spreads on Social Media

The controversy over the account blocking then developed into a boycott movement on social media. The hashtag #BoikotBankMandiri was used by netizens to voice criticism against the bank's policies.

Several forms of protest that emerged include:

This phenomenon shows how banking service issues can develop into a reputational matter when a case involving a customer gains widespread attention on social media.

Supriyono also mentioned that his TikTok and WhatsApp social media accounts were also blocked. This series of events then generated support from several members of the public.

One came from an online motorcycle taxi driver who reportedly handed over money from his wallet and his watch as a form of solidarity.

Also Read: Tokenized Stocks vs Ordinary Shares: Definition, Differences, and How to Buy

Impact of Bank Mandiri Cancel Culture on BMRI Stock

The phenomenon of Bank Mandiri cancel culture has caught investors' attention because it emerged when BMRI shares were still in a positive trend in trading the previous week.

Here is some data on BMRI's stock movement:

This data shows that the boycott sentiment has not directly erased the strengthening of BMRI shares in Friday's trading (21/8/2026).

Nevertheless, the development of public sentiment still needs to be monitored. If the boycott calls continue for a long period and affect investor perception of the company's reputation, pressure on the stock price could increase.

Also Read: 10 Free Bitcoin Mining and Faucet Sites 2026, Which Ones Are Legit?

Bank Mandiri's Fundamentals Still Support BMRI

On the fundamental side, Bank Mandiri's performance still shows growth.

Bank Mandiri's profit in the first half of 2026 was recorded to have grown 24.4% year-on-year (YoY). This growth is one of the factors that keeps BMRI's fundamental condition in the spotlight for investors.

Maybank Sekuritas assesses that BMRI's performance remains in line with expectations. This assessment is supported by an increase in fee-based income, a decrease in operational expenses, and a 12.5% decline in provisioning costs.

However, foreign investors are still recording net sales of BMRI shares. This condition means that the stock's movement needs to be viewed from two sides: the company's fundamentals and market sentiment.

Thus, the impact of Bank Mandiri's cancel culture on its stock price cannot be concluded from just one trading session alone. The subsequent market reaction will depend on the case's development, management's response, and the sustainability of the boycott actions.

Also Read: Top 10+ AI Coins 2026: List of Artificial Intelligence Themed Cryptos! 

What Is the Impact of the Bank Mandiri Boycott on the Banking Industry?

This case not only concerns Bank Mandiri but also serves as a test of public trust in the banking industry.

Customers deposit funds in banks with the expectation that access to their accounts is provided based on clear legal provisions and procedures. Therefore, any account blocking that attracts public attention has the potential to raise questions regarding consumer protection and banking governance.

A civil society coalition urged the Financial Services Authority (OJK) to conduct an examination of Bank Mandiri and ensure that customers' rights remain protected.

At least three main questions need to be answered:

1. Which institution requested the account blocking?
2. What is the case underlying the blocking?
3. Is there a valid court order?

Clarity on these three questions is important to prevent broader speculation and maintain public trust in the banking industry.

Also Read: Top 10 RWA Crypto Asset Tokenizations in the World

Conclusion

The phenomenon of Bank Mandiri's cancel culture began with the blocking of Supriyono alias Botok's account, which had a balance of approximately IDR 80.9 million. Bank Mandiri stated that the blocking was carried out at the request of law enforcement authorities, while PPATK confirmed that it never made such a request.

The case then triggered the #BoikotBankMandiri movement on social media and put BMRI in the investors' spotlight. Nevertheless, Bank Mandiri's shares still closed at IDR 4,220 on Friday (21/8/2026), up 1.69%, while its first-half 2026 profit grew 24.4% year-on-year.

This condition indicates that negative sentiment from the boycott has not yet changed Bank Mandiri's fundamentals. However, if the controversy drags on, reputational pressure could develop into a sentiment risk for BMRI shares.

For investors, the case's development and Bank Mandiri's official response are factors to consider alongside the company's financial performance.

Monitor US stock tokens: AMZON, AMDON, TSLAX, NFLXON MSFTON and many more, you can start trading on Bittime.

Bittime is a Digital Financial Asset Trader (PAKD) platform licensed and supervised by the Financial Services Authority — where you can  buy Bitcoin in Indonesia and hundreds of other crypto assets starting from Rp10,000. The registration process is quick, secure, and can be started today.

Monitor the  USDT to IDR conversion and real‑time price movements of your favorite crypto assets. All available in one  crypto investment app that can be downloaded for free from the Play Store.

Ready to start? Sign up now at Bittime and execute your investment strategy with a platform trusted by millions of users in Indonesia.

FAQ 

What caused Supriyono's account to be blocked by Bank Mandiri?

Bank Mandiri stated that the account blocking was carried out as a follow-up to a request from law enforcement authorities. However, the bank has not publicly disclosed which institution made the request or the case underlying the action.

How much money was in Supriyono's account?

Supriyono's account was reported to have a balance of approximately IDR 80.9 million, consisting of personal funds and public donations.

Did PPATK ask Bank Mandiri to block the account?

No. Head of PPATK Ivan Yustiavandana stated that PPATK never submitted a request to block the account.

How does the Bank Mandiri boycott affect BMRI shares?

In Friday's trading (21/8/2026), BMRI shares still rose 1.69% to IDR 4,220. However, if negative sentiment and boycott actions continue, pressure on the stock price could increase in the short term.

Are Bank Mandiri's fundamentals still strong?

Bank Mandiri's fundamental performance still shows growth. First-half 2026 profit was recorded to have grown 24.4% year-on-year, while Maybank Sekuritas assesses that BMRI's performance remains in line with expectations.

What are civil society groups demanding in this case?

A civil society coalition is demanding transparency regarding the institution that requested the blocking, the case underlying the action, and the legality of the account blocking. The coalition also asked OJK to conduct an examination of Bank Mandiri.

Does an account block require a court order?

Based on Article 140 of Law Number 20 of 2025 concerning the Criminal Procedure Code as mentioned in this polemic, blocking as a coercive measure requires permission from the Chief Justice of the District Court. Therefore, the permit status in this case is one of the matters that needs clarification.