Coinbase CEO Slams Chase UK’s Crypto Restrictions
Brian Armstrong, the co-founder and CEO of Coinbase, has criticized the decision by Chase UK, a subsidiary of JPMorgan, to prohibit its clients in the United Kingdom from engaging in cryptocurrency transactions. Armstrong described the move as “totally inappropriate” and urged UK crypto holders to close their accounts with Chase in response.
Armstrong Questions Chase UK’s Actions
In a tweet, Armstrong expressed his displeasure with Chase UK’s crypto restrictions and tagged UK Prime Minister Rishi Sunak and Economic Secretary Andrew Griffith. He questioned whether the bank’s decision aligned with their policy goals. Previously, Armstrong had praised the UK’s efforts to establish clear crypto regulations and ensure investor protection.
UK Banks’ Hostility Towards Crypto
Chase UK informed its customers that it would no longer permit crypto transactions starting from October 16, 2023, citing concerns over fraud. The bank advised customers to use alternative banks for crypto investments but warned about the risks of scams and fraud. This move follows similar actions by other major UK financial institutions such as Nationwide, HSBC, and Lloyds Banking Group, which have restricted customers from using credit cards for cryptocurrency purchases.
Hot Take: Chase UK Faces Backlash Over Crypto Ban
Coinbase CEO Brian Armstrong strongly criticizes Chase UK’s decision to ban cryptocurrency transactions for its customers in the United Kingdom. Armstrong deems this move “totally inappropriate” and urges UK crypto holders to close their accounts with the bank. This action further highlights the unfriendly stance of several major UK banks towards cryptocurrencies. The restrictions imposed by Chase UK and other financial institutions raise concerns about access to digital assets for UK residents. It remains to be seen how regulators and policymakers will address this growing issue in the UK’s evolving crypto landscape.
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